Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 241

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 241
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inatus. Cantor did not present any other targets to us for consideration.

Despite the fact that Cantor introduced Liminatus to the Company, Cantor was never engaged by any party to the Business Combination, and played no role in the due diligence process related to the Business Combination. The introduction of Liminatus to the Company was a cold introduction. Additionally, Cantor played no role in negotiating the Business Combination, and the Company renegotiated Cantor’s fees, bringing them down. Cantor demonstrated independence throughout the process. Given this, the Iris Board concluded that any conflicts of interest did not impact the desire of the Iris Board to enter into the Business Combination or the Iris Board’s recommendation that Iris’s stockholders approve the Business Combination.

On August 16, 2024, Liminatus informed the Company that TDT, Liminatus’s license partner for the intellectual property and other rights related to GCC (CAR-T therapy and cancer vaccine), terminated the License and Development Agreement, dated June 10, 2018, by and between TDT and Liminatus. On August 26, 2024, Iris’s management team initiated discussions with Liminatus to address changes to the valuation and terms of the Business Combination Agreement due to the TDT License Termination. Liminatus proposed a valuation of $185,000,000, due to progress in its CD47 research and other investments in preclinical work. On August 28, 2024, Iris initiated an update on the market study of CD47 to bring the market study in line with latest public market analysis, trends in the biotechnology market and case studies of deals relevant to CD47. Simultaneously, Iris and Liminatus held several meetings to discuss these nuances, as well as amending the Business Combination Agreement, including: (i) revising the pre-money valuation of Liminatus on the basis of the updated market study, (ii) securing a confirmation of commitment from InnoBation for the license of CD47 and (iii) securing a commitment from the PIPE Investor. Based on the updated market study, discussions regarding the prospects of CD47, and after applying the risk-related discounts to the initial valuation, on September 12, 2024, the valuation of Liminatus was revised from $250,000,000 to $175,000,000. Iris communicated the results of the updated market study, agreed amendments to the Business Combination Agreement and the mutually agreed valuation of $175,000,000 to the Iris