9.  Subsequent Events

In July 2013, the Company transferred U.S. development and commercialization rights to the perindopril franchise to Symplmed.  Under the terms of the arrangement, XOMA received an equity position in Symplmed and up to double-digit royalties on sales of the first fixed-dose combination containing perindopril arginine and amlodipine besylate, if it is approved by the FDA.  Symplmed, under a sublicense agreement, assumes U.S. marketing responsibilities for ACEON (perindopril erbumine), and XOMA continues to manage and be reimbursed for sales and distribution within its established commercial infrastructure until the ACEON New Drug Application (“NDA”) is transferred to Symplmed. Following the ACEON NDA transfer, Symplmed will pay XOMA single-digit royalties on sales of ACEON.