Mural Oncology Announces Sanction of the Scheme by the High Court
Rhea-AI Summary
Mural Oncology (Nasdaq: MURA) announced that the High Court of Ireland sanctioned a scheme of arrangement under which XRA 5 Corp., a wholly owned subsidiary of XOMA Royalty (Nasdaq: XOMA), will acquire all issued and to be issued share capital of Mural.
The Scheme is expected to become effective on delivery of the Court Order to the Irish Registrar of Companies on 5 December 2025; 4 December 2025 is expected to be the last trading day for MURA on Nasdaq, with cancellation of admission effective 4 December 2025 at 8:00 pm ET. Distribution of cash consideration to Scheme shareholders is expected to begin as soon as practicable after the Effective Date and will be completed by no later than 19 December 2025.
Positive
- High Court sanctioned scheme of arrangement on behalf of shareholders
- Acquisition to become effective on 5 December 2025
- Buyer is XRA 5 Corp, a wholly owned subsidiary of XOMA Royalty
- Distribution of cash consideration to shareholders to complete by 19 December 2025
Negative
- Last Nasdaq trading date for MURA expected on 4 December 2025
- Cancellation of MURA admission on Nasdaq effective 4 December 2025 at 8:00 pm ET
- Post-acquisition delisting will end public market liquidity for MURA shares
News Market Reaction
On the day this news was published, MURA declined 0.49%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peers in Biotechnology showed mixed moves, with names like SNTI up 4.04% and others such as LVTX down 3.87%, while MURA was unchanged, indicating a stock-specific situation around the court-sanctioned acquisition.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 03 | Court sanction | Positive | -0.5% | High Court of Ireland sanctioned the scheme of arrangement for XOMA acquisition. |
| Nov 26 | Deal terms update | Neutral | -3.8% | Final cash consideration confirmed at $2.035 per share with no additional amount. |
| Oct 24 | Shareholder approval | Positive | +0.5% | Shareholders approved proposed acquisition by XRA 5 Corp., a XOMA subsidiary. |
| Sep 23 | Proxy mailing | Neutral | +0.0% | Company began mailing definitive proxy statement and detailed scheme meeting logistics. |
| Aug 20 | Deal announcement | Positive | +16.1% | Entered agreement to be acquired for cash between $2.035 and $2.24 per share. |
News around the XOMA acquisition generally led to modest price moves, with some divergence when terms were finalized or court milestones were reached.
This announcement continues a series of deal-related milestones for Mural Oncology. Since August 20, 2025, the company has disclosed an all‑cash acquisition by XRA 5 Corp., shareholder approval on October 24, 2025, detailed proxy and voting processes, final cash consideration of $2.035 per share, and now High Court sanction. Earlier news of the agreement drove a 16.11% move, while later procedural steps saw smaller or negative reactions, suggesting expectations had largely been priced in ahead of this court approval.
Market Pulse Summary
This announcement confirms that the Irish High Court sanctioned Mural’s scheme of arrangement, allowing XRA 5 Corp. to acquire all shares and setting 5 December 2025 as the expected effective date. Trading in Mural shares on Nasdaq is expected to end on 4 December 2025, with delisting effective that evening and cash distributions completed by 19 December 2025. Investors tracking this situation may focus on the stated timetable and mechanics for receiving the cash consideration.
Key Terms
scheme of arrangement regulatory
Nasdaq Global Market financial
cash consideration financial
DTC participant accounts financial
Irish Takeover Rules regulatory
definitive proxy statement regulatory
AI-generated analysis. Not financial advice.
WALTHAM, Mass. and DUBLIN, Dec. 03, 2025 (GLOBE NEWSWIRE) -- Mural Oncology plc, (Nasdaq: MURA) (“Mural”) announces that the High Court of Ireland has today sanctioned the scheme of arrangement between Mural and its shareholders under Chapter 1 of Part 9 of the Companies Act 2014 (the “Scheme”) pursuant to which XRA 5 Corp. (“Sub”), a wholly-owned subsidiary of XOMA Royalty Corporation (Nasdaq: XOMA) (“XOMA Royalty”), will acquire the entire issued and to be issued share capital of Mural (the “Acquisition”).
The Scheme and the Acquisition will become effective on delivery of the Court Order to the Irish Registrar of Companies.
Delivery of the Court Order to the Irish Registrar of Companies is expected to occur, and the Acquisition is expected to become effective, on 5 December 2025 (the “Effective Date”). Accordingly, 4 December 2025 is expected to be the last date on which trading of Mural Shares on the Nasdaq will occur. Cancellation of the admission of Mural Shares to trading on the Nasdaq Global Market is expected to occur with effect from 8.00 pm (U.S. Eastern Time) on 4 December 2025.
Distribution of cheques and crediting of DTC participant accounts for the cash consideration paid by Sub to Scheme Shareholders under the terms of the Scheme is expected to commence as soon as practicable following the Effective Date, with DTC participant accounts expected to be credited and the distribution of cheques expected to be complete as soon as practicable. In accordance with the requirements of the Irish Takeover Rules, subject to the delivery of the Court Order to the Irish Registrar of Companies on 5 December 2025, all consideration payable by Sub to Scheme Shareholders under the terms of the Scheme will be distributed by no later than 19 December 2025.
Except as otherwise defined herein, capitalised terms used but not defined in this announcement have the same meanings as given to them in the definitive proxy statement of Mural dated 23 September 2025 relating to the Acquisition, which also constitutes a scheme circular under Irish law.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
Enquiries
Mural Oncology plc
ir@muraloncology.com
Lucid Capital Markets, LLC (Financial Adviser to Mural)
570 Lexington Ave, 40th Floor
New York, NY 10022
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this announcement regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Mural, XOMA Royalty or Sub. Forward-looking statements are intended to be identified by words such as “anticipate”, “target”, “expect”, “estimate”, “intend”, “plan”, “believe”, “will”, “may”, “would”, “could” or “should” or other words of similar meaning or the negative thereof. Forward-looking statements include but are not limited to statements regarding Mural, XOMA Royalty and Sub’s intention to consummate the Acquisition and the expected timing of the closing of the Acquisition.
These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Risks and uncertainties that may cause actual results to differ from expectations include: uncertainties as to the possibility that closing conditions for the Acquisition may not be satisfied or waived; the expected timing of the payment of the consideration paid by Sub to Scheme Shareholders; the expected timing of the cancellation of the admission of Mural Shares to trading on the Nasdaq Global Market; the other risks and uncertainties pertaining to Mural’s business, including those described in Mural’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the “SEC”) and definitive proxy statement filed with the SEC on 23 September 2025, as well as Mural’s subsequent filings with the SEC; and other potential risks and uncertainties related to XOMA Royalty, including those described in more detail in XOMA Royalty’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and its other filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date when made. All subsequent oral or written forward-looking statements attributable to Mural, XOMA Royalty or Sub or any persons acting on their behalf are expressly qualified in their entirety by the cautionary statement above. None of Mural, XOMA Royalty or Sub undertake any obligation to update or revise the forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, except to the extent legally required.
Statements Required by the Irish Takeover Rules
The directors of Mural accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Mural (who have taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Lucid, which is authorized and regulated by the SEC and the Financial Industry Regulatory Authority (“FINRA”) in the United States, is acting as financial adviser exclusively for Mural and for no one else in connection with the subject matter of this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Mural for providing the protections afforded to clients of Lucid or its affiliates, nor for providing advice in relation to any matter referred to in this announcement. Neither Lucid nor any of its subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lucid in relation to the matters in this announcement, any statement or other matter or arrangement referred to herein or otherwise.
Davy Corporate Finance, which is authorized and regulated in Ireland by the Central Bank of Ireland, is acting exclusively for XOMA Royalty and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than XOMA Royalty for providing the protections afforded to clients of Davy Corporate Finance or for providing advice in connection with the matters referred to in this announcement.
Wilmer Cutler Pickering Hale and Dorr LLP and Arthur Cox LLP are acting as legal advisers on U.S. and Irish law matters respectively to Mural, and Gibson, Dunn & Crutcher LLP and Mason Hayes & Curran LLP are acting as legal advisers on U.S. and Irish law matters respectively to XOMA Royalty and Sub.
Disclosure Requirements of the Irish Takeover Rules
Under Rule 8.3(b) of the Irish Takeover Rules, any person who is, or becomes, “interested” (directly or indirectly) in
All “dealings” in “relevant securities” of Mural by a bidder, or by any party acting in concert with a bidder, must also be disclosed by no later than 12:00 noon (U.S. Eastern Time) on the “business day” following the date of the relevant “dealing”.
If two or more persons co-operate on the basis of an agreement, either express or tacit, either oral or written, to acquire an “interest” in “relevant securities” of Mural, they will be deemed to be a single person for the purpose of Rule 8.3(a) and (b) of the Irish Takeover Rules.
A disclosure table, giving details of the companies in whose “relevant securities” dealing disclosures should be made, can be found on the Irish Takeover Panel’s website at www.irishtakeoverpanel.ie.
“Interests in securities” arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an “interest” by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks in this section are defined in the Irish Takeover Rules, which can also be found on the Irish Takeover Panel’s website.
If you are in any doubt as to whether or not you are required to disclose a “dealing” under Rule 8, please consult the Irish Takeover Panel’s website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020.
General
The release, publication or distribution of this announcement in or into certain jurisdictions may be restricted by the laws of those jurisdictions. Accordingly, copies of this announcement and all other documents relating to the Acquisition are not being, and must not be, released, published, mailed or otherwise forwarded, distributed or sent in, into or from any such restricted jurisdictions. Persons receiving such documents (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to do so may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, each of Mural, XOMA Royalty and Sub disclaims any responsibility or liability for the violations of any such restrictions by any person.
Publication on a Website
In accordance with Rule 26.1 of the Irish Takeover Rules, a copy of this announcement will be available on Mural’s website at https://ir.muraloncology.com/ by no later than 12:00 noon (U.S. Eastern Time) on the business day following publication of this announcement. Neither the content of the website referred to in this announcement nor the content of any other websites accessible from hyperlinks on such website is incorporated into, or forms part of, this announcement.
FAQ
When will the acquisition of Mural Oncology (MURA) by XRA 5 Corp become effective?
What is the last date Mural Oncology (MURA) will trade on Nasdaq?
Who is acquiring Mural Oncology (MURA) and what is the buyer structure?
When will Scheme shareholders receive the cash consideration for MURA shares?
Will Mural Oncology (MURA) remain listed after the acquisition?
Where can Mural shareholders find official takeover disclosures and timing for MURA?
