BERKELEY, Calif., Sept. 14, 2009 (GLOBE NEWSWIRE) -- XOMA Ltd. (Nasdaq:XOMA) today announced a plan to fully repay its loan with Goldman Sachs Specialty Holdings, Inc. (Goldman Sachs) using a combination of funds. These include proceeds from Genentech’s payment to XOMA for Genentech’s buyout of its LUCENTIS(R) royalty obligation to XOMA, the sale of common stock and the use of funds from an existing restricted cash account reserved for loan repayment. The repayment plan resolves the uncertainty about the loan that arose from the sudden and unexpected withdrawal of RAPTIVA(R) from the market earlier this year, which triggered XOMA to begin to renegotiate the loan that was secured by royalties from RAPTIVA, LUCENTIS and CIMZIA(R). Full repayment of the loan will discharge all of XOMA’s obligations to the lenders.
