Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 49

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 49
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 Israel, which requires us to pay the IIA 4% of proceeds on any direct product
sales, up to three times the IIA grant, linked plus interest. As of December 31, 2024, $1.1 million in aggregate royalties had been paid
to the IIA on account of the motixafortide program and there was a contingent liability to the IIA (including interest) of $2.7 million
(without taking into account the potential repayment requirement of up to six times the amount as detailed above). In any event, under
our agreement with Biokine, we have a full right of offset for amounts payable to the IIA for the motixafortide program from any payments
that we may owe to Biokine in the future.

28

Should we wish to further out-license motixafortide in the future,
there is no assurance that we will be able to obtain the IIA’s consent on terms acceptable to us, or at all. Even following the
full repayment of IIA grants, we must nevertheless continue to comply with the requirements of the Research Law. If we fail to comply
with any of the conditions and restrictions imposed by the Research Law and regulations and guidelines thereunder, or by the specific
terms of the IIA grants, we may be required to refund any IIA grants that Biokine previously received together with interest and penalties,
and, in certain circumstances, may be subject to criminal charges. In any event, under our agreement with Biokine, we have a full right
of offset for amounts payable to the IIA for the motixafortide program from any payments that we may owe to Biokine in the future.

Provisions of Israeli law
and our Articles of Association may delay, prevent or otherwise impede a merger with, or an acquisition of, our company, which could prevent
a change of control, even when the terms of such a transaction are favorable to us and our shareholders.

Israeli corporate law regulates mergers, requires tender offers
for acquisitions of shares above specified thresholds, requires special approvals for transactions involving directors, officers or significant
shareholders and regulates other matters that may be relevant to these types of transactions. For example, a merger may not be consummated
unless at least 50 days have passed from the date that a merger proposal was filed by each merging company with the Israel Registrar of
Companies and at least 30 days from the date that the shareholders of both merging companies approved the merger