XOMA Royalty (XOMA) agreed to reduce the cash portion of its offer to acquire Lava Therapeutics (LVTX) as part of an amended deal and has extended the tender deadline to Nov. 12.

Under the revised terms, XOMA will acquire Lava Therapeutics for an initial cash payment of $1.04 a share, down from the previously announced range of $1.16 to $1.24. Shareholders will also receive a non-transferable contingent value right per share, tied to future cash payments from partnered and unpartnered assets.

The minimum net-cash closing condition was lowered to $24.5 million from $31.5 million, the companies said Friday in a statement.

The tender offer had been scheduled to expire Friday following a prior extension. Lava Therapeutics plans to hold a shareholder meeting on Nov. 7 to seek approval for the transaction.

The proposed acquisition is expected to close in Q4, subject to customary closing conditions.

XOMA Royalty shares fell 4.1% in Friday trading, and Lava Therapeutics rose 0.6%.

Price: 35.00, Change: -1.49, Percent Change: -4.08