XOMA Moving Domicile To Delaware

Effective tomorrow [Dec.31], XOMA Ltd. will move its corporate domicile from Bermuda to Delaware and change its name from “XOMA Ltd.” to “XOMA Corporation.”

Biotech giant XOMA cited a number of reasons including reducing “exposure to the potential consequences of certain types of punitive or potentially adverse tax legislation that have been proposed from time to time.”

A statement released said, “All of the outstanding common shares of the former XOMA Ltd. will automatically convert by operation of law into common stock of XOMA Corporation on a one-for-one basis. A registration statement on Form S-4 relating to the common stock of XOMA Corporation has been declared effective by the Securities and Exchange Commission.

“The Company believes that this change will:

• provide legal, administrative and other similar efficiencies, as well as provide a basis for further efficiencies in the event XOMA undertakes to simplify its overall corporate structure;
• reduce XOMA’s exposure to the potential consequences of certain types of punitive or potentially adverse tax legislation that have been proposed from time to time;
•  relocate XOMA’s jurisdiction of organization to one that has a body of law more familiar to its officers, its employees, its board of directors and many of its shareholders; and
• reduce XOMA’s exposure to other potentially adverse or prejudicial actions based on its being a non-U.S. company, such as “blacklisting” of its common shares by certain pension funds or legislation restricting certain types of transactions.”

The change of corporate domicile and name change will not affect the day-to-day business and operations of the organization, the Company said.

XOMA Ltd. is a biotechnology company focused on the discovery, development and manufacturing of monoclonal antibody-based therapeutics for serious unmet medical needs.

#BermudaBusiness

Category: All, Business