Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 339

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 339
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     |           | 24.6 | % |     |               | 21.0 | % |     |              | 13.6 | % |     |                   | 10.2 | % |
| Dr. Reddy’s Laboratories Limited (BSE:500124)      |     |           | 26.2 | % |     |               | 21.0 | % |     |              | 13.6 | % |     |                   | 10.0 | % |
| Collegium Pharmaceutical, Inc. (NasdaqGS:COLL)     |     |           | 31.6 | % |     |               | 21.0 | % |     |              | 13.6 | % |     |                   |  9.3 | % |
| AbbVie Inc. (NYSE:ABBV)                            |     |           | 11.4 | % |     |               | 21.0 | % |     |              | 13.6 | % |     |                   | 12.1 | % |
| Axsome Therapeutics, Inc. (NasdaqGM:AXSM)          |     |           |  0.4 | % |     |               | 21.0 | % |     |              | 13.6 | % |     |                   | 13.5 | % |

Notes:

| (1) | “NM” = Not Meaningful. |

| (2) | Source: S&P Capital IQ. |

| • |     | The exit multiple applied to the terminal year EBITDA: The exit multiple is derived from an analysis of comparable precedent mergers and acquisitions transactions. CB Capital conducted research and analysis using S&P Capital IQ and Pitchbook to screen for comparable transactions in the last three years in pharmaceutical products industry. Based on these precedent transactions and CB Capital’s research, an appropriate exit multiple applied to the terminal year EBITDA was approximately 13.8x. |

190

Comparable M&A Transactions Analysis:

| Date     |     | Target                                                             |     | Buyer / Investor                           |     | Enterprise 
   Value($) |     |    Sales 
 (TTM)($) |     |   EBITDA 
 (TTM)($) |     |     EBIT 
 (TTM)($) |
| 07/23/24 |     | Aprogen Biologics Inc. (KOSE:A003060)                              |     | —