Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 331

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 331
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&P Capital IQ and PitchBook. In analyzing the research reports, CB Capital confirmed that these reports selected large commercial companies as comparable companies and excluded pre-commercial stage companies. Furthermore, CB Capital’s company screen conducted on S&P Capital IQ included requirements for companies with positive market capitalization, enterprise value, revenue, EBITDA, and EBIT. Based on these criteria, pre-commercial companies were excluded from the list of guideline companies because they do not generate revenue, do not report EBITDA and EBIT, and therefore lack information needed for valuation purposes.

CB Capital also adhered to the standard practice of valuation commonly used when issuing fairness opinions. Similar to analysis conducted in other industries, CB Capital 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