what do royalty deals offer?

Turnstone Biologics was set up to develop a pioneering class of drugs back in 2014. But a decade later, it was hanging by a thread, having slashed most of its pipeline. Following several rounds of layoffs, the cash-strapped biotech’s acquisition is its saving grace. How did it all go down, and what’s in it for Turnstone’s buyer, XOMA Royalty? 

Turnstone…