<SEC-DOCUMENT>0001193125-24-099328.txt : 20241007
<SEC-HEADER>0001193125-24-099328.hdr.sgml : 20241007
<ACCEPTANCE-DATETIME>20240417182648
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-099328
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240417

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>
<DOCUMENT>
<TYPE>CORRESP
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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:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top">One Embarcadero Center, Suite 2600</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">San Francisco, CA 94111-3715</TD></TR>
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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">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">April&nbsp;17, 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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: XOMA Corporation: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; 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 No. <FONT
STYLE="white-space:nowrap">333-277794)</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On behalf of XOMA Corporation (&#147;<I>XOMA</I>&#148; or the &#147;<I>Company</I>&#148;), this letter responds to the comments of the staff
of the U.S. Securities and Exchange Commission (the &#147;<I>Staff</I>&#148;) contained in your letter, dated April&nbsp;3, 2024 (the &#147;<I>Comment Letter</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> (together, the &#147;<I>Registration Statements</I>&#148;) requesting additional information with respect the Company&#146;s response to the Staff&#146;s prior comment letters dated
March&nbsp;13, 2024 regarding the Registration Statements (the &#147;<I>Prior Comment Letters</I>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Staff&#146;s comments are
set forth below followed by the Company&#146;s responses. For ease of reference, the headings and numbered paragraphs below correspond to the Staff&#146;s comments. The Company&#146;s responses are set forth in ordinary type below the Staff&#146;s
comments, which are set forth in bold type. References are made to the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2023, filed on March&nbsp;8, 2024 (File <FONT
STYLE="white-space:nowrap">No.&nbsp;001-39801).</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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>Please supplement your response to prior comment 1 by (i)&nbsp;identifying the approximate percentage of
your total assets (exclusive of Government securities and cash items) composed of your ownership interests in XOMA (US) LLC (&#147;XOMA US&#148;) and (ii)&nbsp;identifying the types of assets categorized as cash and cash equivalents (e.g., demand
deposits or registered money market funds) currently held by you, together with their approximate amounts. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; 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:6pt; 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">April 17, 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:9%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2023, on an unconsolidated basis, the approximate percentage of
XOMA&#146;s total assets (exclusive of U.S. Government securities and cash items) that are composed of XOMA&#146;s ownership interest in XOMA US was approximately 99.98%. As of such date, the types of assets characterized as cash and cash
equivalents on XOMA&#146;s unconsolidated balance sheet consisted entirely of (i)&nbsp;cash held in demand deposit accounts at U.S. banks, and (ii)&nbsp;investments in money market funds registered as such under the Investment Company Act of 1940,
as amended (the &#147;<I>1940 Act</I>&#148;). As of December&nbsp;31, 2023, the amount of cash held by XOMA in demand deposit accounts was approximately $0.4&nbsp;million, and the amount of investments held by XOMA in money market funds was
approximately $152.7&nbsp;million. XOMA does not hold any investments in U.S. Government securities. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</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>Please supplement your response by providing your comprehensive, detailed legal analysis supporting your
contention that XOMA US is eligible for the 3(c)(5)(A) exclusion in view of the fact that Section&nbsp;3(c)(5)(A) is available only where an acquired obligation represents part or all of the sales price of merchandise, insurance, and services. In
your response, please: </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="2%" 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"><B>Describe and discuss whether XOMA US&#146;s royalty and commercial payment purchase agreements entitle XOMA US
to collect payments that are not directly based on the sales price of specific biopharmaceutical products, including for example in connection with (A)&nbsp;the meeting of certain regulatory, development, or other milestones, or
(B)&nbsp;biopharmaceutical products that either are not currently identified or were not currently identified at the time of entry into the agreement; and </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="2%" 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"><B>Describe and discuss whether any of the recorded values of the XOMA US&#146;s royalty and commercial payment
receivables (both short and long-term) are attributable to such payment rights, and in what specific amounts. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Each
of XOMA US&#146;s royalty and commercial payment agreements (the &#147;<I>Royalty Interests</I>&#148;) relate to one or more specified biopharmaceutical products that were identified at the time of the acquisition of the applicable Royalty Interest
(each, a &#147;<I>Specified Product</I>&#148;). In some cases, at the time XOMA US acquires a Royalty Interest, the Specified Products to which the Royalty Interest relates are still in the process of undergoing clinical trials and/or obtaining
regulatory approval from the U.S. Food and Drug Administration (&#147;<I>FDA</I>&#148;) or a foreign equivalent. In such a case, the Royalty Interest may contemplate that payments will be made to XOMA US upon the successful completion of certain
development milestones, such as FDA approval, successful completion of Phase III clinical trials, or the completion of earlier-stage clinical trials (&#147;<I>Development</I> <I>Milestone Receivables</I>&#148;). Once the Specified Product has
received FDA approval and is being marketed, the payments received by XOMA US in respect of the applicable Royalty Interest are typically calculated as a percentage of sales revenues generated by the Specified Product (&#147;<I>Sales-Based Royalty
Receivables</I>&#148;). Under certain Royalty Interests, XOMA US may also be eligible to receive periodic <FONT STYLE="white-space:nowrap">lump-sum</FONT> payments if the sales revenues generated by a Specified Product exceeds certain specified
thresholds (e.g., a $1.0&nbsp;million <FONT STYLE="white-space:nowrap">lump-sum</FONT> payment when sales reach $10.0&nbsp;million, which is effectively a 10% royalty paid in lump-sum installments) (&#147;<I>Sales-Based Threshold
Receivables,</I>&#148; and, together with the Sales-Based Royalty Receivables, &#147;<I>Sales-Based Receivables</I>&#148;). </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:6pt; 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">April 17, 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:9%; font-size:10pt; font-family:Times New Roman">As part of its due diligence process, prior to XOMA US&#146; acquisition of a Royalty
Interest, the economic value of the Royalty Interest is evaluated using a risk-adjusted discounted cash flow model (&#147;<I>DCF</I>&#148;). The DCF model separately identifies the value of the Development Milestone Receivables the Royalty Interest
is expected to generate and the value of the Sales-Based Receivables the Royalty Interest is expected to generate. When an acquisition includes a Royalty Interest in more than one Specified Product, all programs are included in the model to
determine a total value of the potential economics of the entire &#147;basket&#148; of assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Once acquired, the purchase price of a
Royalty Interest is recorded on XOMA&#146;s balance sheet as a &#147;royalty and commercial payment receivable&#148; in accordance with the requirements of US&nbsp;GAAP. For purposes of monitoring compliance with section 3(c)(5)(A), XOMA US
allocates a portion of the receivables balance attributable to the Royalty Interest to Development Milestone Receivables based on the <FONT STYLE="white-space:nowrap">pro-rata</FONT> percentage of potential future economics the Royalty Interest is
expected to generate, as calculated in the DCF model prepared during the initial due diligence process. For example, if XOMA acquires a Royalty Interest for $10.0&nbsp;million and the percentage of the DCF attributable to Development Milestone
Receivables is 10%, the Company will allocate $1.0&nbsp;million as a Milestone Receivable and $9.0&nbsp;million as a Sales-Based Receivable for purposes of monitoring its compliance with section 3(c)(5)(A). As payments pursuant to the Royalty
Interests are received, the Company applies the cash receipt against the Development Milestone Receivables first and then against the Sales-Based Receivables, consistent with the timeline of achievement under the applicable Royalty Interests. On a
quarterly basis, the Company calculates the total Sales-Based Receivables as a percentage of XOMA US&#146;s total assets and confirms that the Sales-Based Receivables represent at least 55% of XOMA US&#146;s total assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2023, $60.0&nbsp;million (or approximately 81%) of XOMA US&#146;s total assets consisted of short-term and long-term
royalty and commercial receivables attributable to the Royalty Interests. Of this amount, $0.9&nbsp;million has been attributed to Development Milestone Receivables and $59.1&nbsp;million has been attributed Sales-Based Receivables. Consequently, as
of December&nbsp;31, 2023, approximately 80% of XOMA US&#146;s total assets represented the fair value of the Sales-Based Receivables attributable to XOMA US&#146;s Royalty Interests. A spreadsheet providing a detailed breakdown of how these figures
have been calculated has been submitted to the Staff separately on a confidential basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">XOMA respectfully submits that the foregoing
model and accounting treatment are valid and appropriate support for XOMA&#146;s claim that XOMA&#146;s ownership interest in XOMA US may be treated as a &#147;good asset&#148; under the 40% test&#148; established under section 3(a)(1)(C) of the
1940 Act. In particular, XOMA US is a &#147;majority-owned subsidiary of XOMA (as such term is defined in section 3(a)(2) of the 1940 Act) because (i)&nbsp;XOMA US is a wholly-owned subsidiary of XOMA, and (ii)&nbsp;XOMA US is not an investment
company nor is it relying on the &#147;private fund&#148; exclusions set forth in sections 3(c)(1) or 3(c)(7) of the 1940 Act. Instead, XOMA US relies on the exclusion from the definition of an investment company set forth in section 3(c)(5)(A), as
interpreted by the Staff in the <U>Royalty Pharma</U> <FONT STYLE="white-space:nowrap">no-action</FONT> letter (&#147;<I>Royalty Pharma</I>&#148;).<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Royalty Pharma</U>, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter, Ref. No.&nbsp;20107221321
(Aug 13, 2010). </P></TD></TR></TABLE>
 <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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 </P> <P STYLE="margin-top:6pt; 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">April 17, 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:9%; font-size:10pt; font-family:Times New Roman">In <U>Royalty Pharma</U>, the Staff provided no action assurance to Royalty Pharma (one of
XOMA&#146;s primary competitors and most comparable reporting company) to the effect that Royalty Pharma could rely on the section 3(c)(5)(A) exclusion in connection with the purchase of pharmaceutical royalty entitlements. In so doing, the Staff
stated that the appropriate test under section 3(c)(5)(A) is &#147;not whether the company is engaged in &#145;sales financing,&#146; but whether there is a direct nexus between the obligation being purchased and the sale of specific merchandise or
services.&#148; Applying this principle to Royalty Pharma&#146;s business, the Staff stated that it would not recommend an enforcement action against Royalty Pharma for failing to register as an investment company under the 1940 Act in reliance on
the following representations from Royalty Pharma: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Royalty Pharma is primarily engaged in the business of purchasing royalty interests obligating others to pay
royalties to Royalty Pharma; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">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">the royalty interests that Royalty Pharma owns entitle it to collect royalty receivables that are directly
based on the sales price of specific biopharmaceutical products that use intellectual property covered by specific license agreements; 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%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Royalty Pharma has not issued, and does not now issue or propose to issue, redeemable securities, face-amount
certificates of the installment type or periodic payment plan certificates. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">XOMA US fits squarely within the parameters
established under <U>Royalty Pharma</U>. As noted above, as of December&nbsp;31, 2023, approximately 80% of XOMA US&#146;s total assets consisted of Sales-Based Receivables, significantly above the 55% threshold applied in <U>Royalty Pharma</U> to
determine that Royalty Pharma was &#147;primarily engaged&#148; in the business of acquiring royalty interests. In addition, the Sales-Based Receivables are all directly based on the sales price of the Specified Products that utilize intellectual
property covered by XOMA US&#146;s Royalty Interests. Finally, the only securities XOMA US has issued are the common equity ownership interests held by XOMA. XOMA US has not issued, nor does it propose to issue redeemable securities, face-amount
certificates of the installment type, or periodic payment plan certificates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For the reasons set forth above, XOMA respectfully submits
that (i)&nbsp;a direct nexus exists between the receivables that are carried on XOMA US&#146;s balance that represent Sales-Based Receivables and the sale of the Specified Products, (ii)&nbsp;XOMA US may therefore rely on the exclusion from the
definition of an investment company provided under section 3(c)(5)(A) of the 1940 Act, as interpreted by the Staff in <U>Royalty Pharma</U>, and (iii)&nbsp;XOMA may therefore treat its ownership interest in XOMA US as a majority owned subsidiary (or
&#147;good asset&#148;) for purposes of complying with the &#147;40% test&#148; set forth in section 3(a)(1)(C) of the 1940 Act. </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">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g806875dsp_2.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; 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">April 17, 2024 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</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>To the extent not addressed in your response to comment 2 above, please identify and discuss: (1)&nbsp;any
material differences between XOMA US&#146;s royalty and commercial payment agreements and the analogous agreements involved in Royalty Pharma, SEC <FONT STYLE="white-space:nowrap">No-</FONT> Action Letter (Aug. 13, 2010); and (2)&nbsp;any other
instances where XOMA US cannot make the representations contained in that letter. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Royalty Interests acquired by
XOMA US are not materially different from the analogous agreements described in <U>Royalty Pharma</U>. As noted above, at least some of the value of XOMA US&#146;s Royalty Interests are attributable to Development Milestone Receivables. Such
receivables are not based on the sales price of the Specified Products. Nevertheless, as discussed above, XOMA US does not count the value of the Development Milestone Receivables, nor the revenue generated by them, towards its compliance with the
conditions of <U>Royalty Pharma</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We also note that, as discussed above, XOMA treats the value of the Sales-Based Threshold
Receivables it is entitled to receive under its Royalty Interests as Sales-Based Receivables. The <U>Royalty Pharma</U> <FONT STYLE="white-space:nowrap">no-action</FONT> letter did not expressly address the treatment of any payments that Royalty
Pharma may receive based on the achievement of specified sales thresholds. Instead, <U>Royalty Pharma</U> focused on whether the royalty payments based on a percentage of the sales revenue generated by specific biopharmaceutical products satisfied
the &#147;direct nexus&#148; standard articulated by the Staff. Consistent with that standard, we believe that a direct nexus does exist between the Sales-Based Threshold Receivables and the sale of the Specified Products, insofar as the receipt of
payments under the Sales-Based Threshold Receivables provisions in the applicable Royalty Interests is contingent on and directly linked to sales of the Specified Products. Indeed, from an economic perspective, the Sales-Based Threshold Revenues are
no different from the Sales-Based Royalty Receivables insofar as they may be seen as merely entitling XOMA (US) to a &#147;bonus&#148; royalty payment (effectively increasing the percentage of sales revenues that XOMA (US) receives) if certain sales
thresholds are achieved.<SUP STYLE="font-size:75%; vertical-align:top">2</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;&#8195;*&#8195;&#8195;&#8195;* </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Even if the Staff were to disagree with this analysis, the elimination of the value of the Sales-Based
Threshold Receivables from the Sales-Based Receivables that XOMA uses to monitor compliance with <U>Royalty Pharma</U> would only lower the percentage of Sales-Based Receivables to total assets from approximately 80% to approximately 79%. Thus, the
categorization of the Sales-Based Threshold Receivables under the <U>Royalty Pharma</U> <FONT STYLE="white-space:nowrap">no-action</FONT> letter does not have a material impact on the analysis presented above. </P></TD></TR></TABLE>
 <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">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g806875dsp_2.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; 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">April 17, 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:9%; 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>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<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:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<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; margin-left:4%; font-size:10pt; font-family:Times New Roman">Branden C. 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">6 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
