<SEC-DOCUMENT>0001193125-24-075293.txt : 20241007
<SEC-HEADER>0001193125-24-075293.hdr.sgml : 20241007
<ACCEPTANCE-DATETIME>20240322162558
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-075293
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XOMA Corp
		CENTRAL INDEX KEY:			0000791908
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				522154066
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2200 POWELL STREET
		STREET 2:		SUITE 310
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608
		BUSINESS PHONE:		510-204-7239

	MAIL ADDRESS:	
		STREET 1:		2200 POWELL STREET
		STREET 2:		SUITE 310
		CITY:			EMERYVILLE
		STATE:			CA
		ZIP:			94608

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XOMA Corp
		DATE OF NAME CHANGE:	20120119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XOMA LTD /DE/
		DATE OF NAME CHANGE:	19990107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XOMA CORP /DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gibson, Dunn&nbsp;&amp; Crutcher LLP</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Embarcadero Center, Suite 2600</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">San Francisco, CA
94111-3715</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel 415.393.8200</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">gibsondunn.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;22, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>EDGAR
CORRESPONDENCE </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Life Sciences </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Jason Drory and Alan Campbell </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">XOMA Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> filed on March&nbsp;8, 2024 (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-277794)</FONT> and Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed on March&nbsp;8, 2024 (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-277812)</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of XOMA
Corporation (the &#147;<I>Company</I>&#148; or &#147;<I>XOMA</I>&#148;), this letter responds to the comment of the staff of the U.S. Securities and Exchange Commission &#150; Division of Corporation Finance (the &#147;<I>Staff</I>&#148;) contained
in your letters, each dated March&nbsp;13, 2024 (the &#147;<I>Comment Letters</I>&#148;), regarding the above-referenced Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-277794)</FONT> and Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-277812).</FONT> The Staff&#146;s comments, which are
identical in both Comment Letters, are set forth below, followed by the Company&#146;s response. The Company&#146;s responses are set forth in ordinary type below the Staff&#146;s comments, which are set forth in bold type. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure in your annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the
fiscal year ended December&nbsp;31, 2023 that you do not intend to become regulated as an investment company under the Investment Company Act of 1940 and you do not believe you are an &#147;investment company&#148; under applicable SEC rules. Please
provide a detailed legal analysis as to why you should not be considered an &#147;investment company&#148; under the Investment Company Act of 1940. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and respectfully advises the Staff that XOMA is not an investment company, as such term is
defined under section 3(a)(1)(A) of the Investment Company Act of 1940, as amended (the &#147;<I>1940 Act</I>&#148;), because XOMA is primarily engaged in the business of being a biotech royalty aggregator and is not engaged in, nor holds itself out
as being engaged in, and does not propose to engage in, the business of investing, reinvesting or trading in securities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Abu Dhabi &#149; Beijing
&#149; Brussels &#149; Century City &#149; Dallas &#149; Denver &#149; Dubai &#149; Frankfurt &#149; Hong Kong &#149; Houston &#149; London &#149; Los Angeles </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Munich &#149; New York &#149; Orange County &#149; Palo Alto &#149; Paris &#149; Riyadh &#149; San Francisco &#149; Singapore &#149; Washington,
D.C. </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;22, 2024 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moreover, XOMA is not an investment company under the definition of an investment company
provided in section 3(a)(1)(C) of the 1940 Act, because, on an unconsolidated basis, less than 40% of XOMA&#146;s assets consist of &#147;investment securities,&#148; as such term is defined in section 3(a)(1)(C)(2) of the 1940 Act. Key to this
analysis is the fact that the largest asset on XOMA&#146;s unconsolidated balance sheet, by far, is its ownership interest in XOMA (US) LLC (&#147;<I>XOMA US</I>&#148;). XOMA has concluded that XOMA US is a majority-owned subsidiary of XOMA, as such
term is defined in section 3(a)(1)(C)(2) of the 1940 Act, for the following reasons: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">XOMA US is a 100% wholly owned subsidiary of XOMA; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">XOMA US is not an investment company or relying on the exclusions from the definition of an investment company
provided in sections 3(c)(1) or 3(c)(7) of the 1940 Act in reliance on Section&nbsp;3(c)(5)(A) of the 1940 Act, as interpreted by the Staff in <I>Royalty Pharma</I>, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (Aug. 13, 2010) (the
&#147;<I>Royalty Pharma <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter</I>&#148;). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with the
conditions set forth in the Royalty Pharma <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter: (i)&nbsp;XOMA US is primarily engaged in the business of purchasing royalty interests obligating others to XOMA US royalties on the sale of
pharmaceutical products, (ii)&nbsp;more than 55% of the value of XOMA US&#146;s assets consists of royalty interests (as set forth in the Royalty Pharma <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter) that entitle XOMA US to collect
royalty receivables that are directly based on the sale price of specific biopharmaceutical products that use intellectual property covered by specific license agreements, and (iii)&nbsp;XOMA US has not issued, and does not now issue or propose to
issue, redeemable securities, face amount securities of the installment type or periodic payment plan certificates. Based on that analysis, XOMA has concluded that its ownership interest in XOMA US may be treated as an ownership interest in a
majority owned subsidiary (or a &#147;<I>good asset</I>&#148;) for purposes of applying the 40% test set forth in section 3(a)(1)(C) of the 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, we believe that Xoma is not currently an &#147;investment company&#148; within the meaning of the 1940 Act. Further, XOMA
monitors its continuing compliance with definitional provisions of the 1940 Act on a quarterly basis and does not propose to engage in a business that would cause it to become an investment company under those provisions.&#8195; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;22, 2024 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thank you for your consideration of this response. If you have any questions regarding the
response set forth above, please do not hesitate to call me at (415) <FONT STYLE="white-space:nowrap">393-8373</FONT> or Branden C. Berns at (415) <FONT STYLE="white-space:nowrap">393-4631.</FONT> </P>
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ryan A. Murr</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ryan A. Murr</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Brian Lane, Gibson, Dunn&nbsp;&amp; Crutcher LLP </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Branden Berns, Gibson, Dunn&nbsp;&amp; Crutcher LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Owen Hughes, XOMA Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thomas Burns, XOMA Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Christopher Baldwin, XOMA Corporation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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