<SEC-DOCUMENT>0001193125-24-136231.txt : 20241007
<SEC-HEADER>0001193125-24-136231.hdr.sgml : 20241007
<ACCEPTANCE-DATETIME>20240510163758
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-136231
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240510

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
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <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" ALIGN="right"><B>Privileged and Confidential </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;10, 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:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" 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:7%; 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:7%; 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:6pt; margin-bottom:0pt; text-indent:4%; 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 May&nbsp;2, 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 letter, dated
April&nbsp;3, 2024, regarding the Registration Statements (the &#147;<I>4/03 Comment Letter</I>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; 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> Capitalized terms not otherwise defined herein have the meanings specified in the Company&#146;s response to the 4/03 Comment Letter, dated April&nbsp;17, 2024 (the &#147;<I>4/17 Response
Letter</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">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">May&nbsp;10, 2024 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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>We note in your response to prior comment 2 included in our April&nbsp;3, 2024 letter that &#147;[o]nce 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&#133;.&#148; (emphasis added). Please supplementally explain this reference to &#147;typically,&#148; including what constitutes the &#147;typical&#148; circumstances under which Royalty Interests are so calculated, their frequency and under
what circumstance and frequency Royalty Interests are calculated in an &#147;atypical&#148; manner. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the 4/17
Response Letter, the statement that &#147;once a 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&#148; was qualified by the term &#147;typically&#148; to take into account the fact that even after XOMA US begins to receive payments based on Sales-Based Receivables (&#147;<I>Sales-Based Royalty
Payments</I>&#148;) under the applicable Royalty Interest, it may still be possible for the XOMA US to receive payments based on Development Milestone Receivables (&#147;<I>Development Milestone Payments</I>&#148;) under the Royalty Interest. This
can occur in either of two scenarios: </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">(i)</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 Specified Product receives regulatory approval in another jurisdiction, which can trigger a Development
Milestone Payment; or </P></TD></TR></TABLE> <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%">
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</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 applicable Royalty Interest covers more than one Specified Product, and a second Specified Product achieves
a development milestone after the first Specified Product has already begun generating Sales-Based Royalty Payments. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In either
scenario, it remains the case that all Sales-Based Royalty Payments generated by the Royalty Interests that XOMA acquires are calculated as a percentage of sales revenues generated by Specified Products. In addition, for the sake of clarity, the
Company also confirms that no Milestone Development Receivables attributed to a Royalty Interest are counted towards compliance with the 55% threshold applied in the Royalty Pharma <FONT STYLE="white-space:nowrap">no-action</FONT> letter, regardless
of whether the Royalty Interest has begun generating Sales-Based Royalty Payments. </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"><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 update the Company&#146;s risk factor disclosure to specifically reference (i)&nbsp;the
Company&#146;s reliance on the exemption at section 3(c)(5)(A) of the Investment Company Act of 1940 and (ii)&nbsp;the Company&#146;s belief that it may properly rely on the Royalty Pharma staff letter and its intent to do so.
</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&#146;s risk factor disclosure regarding its status under the 1940 Act will be modified as follows in
the Company&#146;s next Quarterly Report on Form 10-Q: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><I>Our royalty aggregator strategy may require that we register with the SEC as
an &#147;investment company&#148; in accordance with the Investment Company Act of 1940.</I></B> </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">May&nbsp;10, 2024 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The rules and interpretations of the SEC and the courts, relating to the
definition of &#147;investment company&#148; are very complex. We do not believe we are an &#147;investment company&#148; under applicable SEC rules, and we currently intend to conduct our operations so as not to be considered an &#147;investment
company.&#148; In particular, on an unconsolidated basis, we believe that less than 40% of our total assets (less any cash items or holdings in U.S. Government securities) currently consist of holdings in &#147;investment securities.&#148; This
conclusion is largely dependent on our analysis that XOMA (US) LLC, our primary subsidiary, is not an investment company in reliance on the exclusion from the definition of an investment company provided in Section&nbsp;3(c)(5)(A) of the &#145;40
Act, as interpreted by the Staff of the SEC in a <FONT STYLE="white-space:nowrap">no-action</FONT> letter issued to Royalty Pharma on August&nbsp;13, 2010. Nevertheless, we can provide no assurance that the SEC will not take the position that the
Company is required to register under the &#145;40 Act and comply with the &#145;40 Act&#146;s registration and reporting requirements, capital structure requirements, affiliate transaction restrictions, conflict of interest rules, requirements for
disinterested directors, and other substantive provisions. We monitor our assets and income for compliance under the &#145;40 Act and seek to conduct our business activities in a manner such that we do not fall within its definitions of
&#147;investment company&#148; or that we qualify under one of the exemptions or exclusions provided by the &#145;40 Act and corresponding SEC regulations. However, if we were to be considered an &#147;investment company&#148; and become subject to
the restrictions of the &#145;40 Act, those restrictions likely would require significant changes in the way we do business and add significant administrative costs and burdens to our operations. Additionally, we may need to take various actions
which we might otherwise not pursue in order to not come within scope of the &#145;40 Act. These actions may include, among others, restructuring the Company and/or modifying our mixture of assets and income or a liquidation of certain of our
assets. </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;&#8195;&#8195;* </P>
<P STYLE="margin-top:12pt; 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> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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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" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Ryan A. Murr</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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<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">Branden C. Berns, 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">Melanie Neary, 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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