Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 331

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 331
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 included comparable companies, segmented by market capitalization, from mega capitalization, large capitalization, mid capitalization, to small capitalization segments. CB Capital used a mix of companies in each of the mega, large, mid, and small cap segments in the universe of its guideline companies, including two mega cap companies, three large cap companies, four mid cap companies, and two small cap companies, and their equity values are as shown in the table below. When selecting companies in each of these segments, CB Capital believed that Semnur’s key competitors included both small and established commercial entities in the Biotechnology and Pharmaceuticals industries. In selecting the comparable companies, CB Capital chose to include a mix of companies within the S&P Capital IQ Biotechnology and Pharmaceuticals industry classifications. The mix of companies includes direct competitors that would compete against SP-102 in the market for back pain, including manufacturers of the generic drug dexamethasone which is the current generic drug used for back pain, indirect competitors that would compete with Semnur in the market for chronic pain and pain management, complimentary companies that are potential distribution partners, and potential acquirers. Direct competitors include Pacira BioSciences, Inc., whose EXPAREL product is a non-opioid option used for sciatic nerve block, Teva Pharmaceutical Industries Limited, Dr. Reddy’s Laboratories Limited, Pfizer Inc., and Viatris, Inc., who all manufacture injectable dexamethasone, the current generic drug used to treat lower back pain, making them direct competitors that offer a cheaper product. Indirect competitors include Collegium Pharmaceutical, Inc., Eli Lilly and Company, AbbVie Inc., Amgen Inc., and Axsome Therapeutics, Inc. who are all players in the chronic pain and pain management markets. CVS Health Corporation is a potential distribution partner. Nearly all of the above companies could be potential acquirers of Semnur. While the history, size, and financial performance of the comparable public companies chosen by CB Capital differ from that of Semnur, CB Capital concluded that choosing a mix of direct competitors, including manufacturers of the current generic drug dexamethasone, indirect competitors operating in the chronic pain and pain management space, potential distribution partners, and potential acquirers compiled a mix of key characteristics similar to Semnur in calculating the WACC. Per the National Library of Medicine, 90% of drugs fail clinical trials. However, Semnur’s SP-102 completed a Phase 3 trial, meeting primary and important key