XOMA Royalty Corp

# Signal Note: BVF Partners Initiates $68.9M Position in XOMA Royalty Corp Concentrated value investor Mark Lampert's entry into XOMAP suggests conviction in the royalty portfolio's undervaluation, likely driven by the upcoming commercial ramp of key assets like Mesoblast's remestemcel-L (Alofisel/Stemirac) for inflammatory conditions and potential near-term milestone payments. The $68.9M position size indicates BVF sees asymmetric upside in the royalty cash flows relative to current market valuation, though investors should note royalty plays carry execution risk tied to partnered companies' development timelines and commercial success.