Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 265

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 265
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 offer was also

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predicated upon a closing cash amount of Cara that was below the amount anticipated to be held at a potential consummation of the transaction.

On August 27, 2024, the Transaction Committee held a videoconference meeting with representatives of Cara management, representatives of Piper Sandler and representatives of Cara’s regular outside legal counsel also attending. At this meeting, the Transaction Committee evaluated the 24 preliminary indications of interest from potential counterparties, including Tvardi. Representatives of Cara management and representatives of Piper Sandler reviewed their perspectives and recommendations with respect to the various proposals, including, among other things, the proposals’ preliminary valuation of such counterparty and Cara, the strength of each counterparty’s existing investor base, the availability of audited financials for each such counterparty and the strength of each such counterparty’s product candidates (including therapeutic areas, number of drug candidates, stages of development and need for cash runway for upcoming preclinical or clinical inflection points), among other factors.

The Transaction Committee then approved proceeding with eight potential counterparties, including Tvardi, to a second-round process, which would include management presentations by each of the counterparties. At this meeting, the Transaction Committee also approved putting seven other candidates “on hold” pending discussion with the eight potential counterparties identified as most promising. The eight proposals that advanced to the second-round process were selected based on the Transaction Committee’s evaluation of certain characteristics, including the strength of such counterparty’s product candidate programs and intellectual property from clinical, regulatory and commercial perspectives as well as financial terms of the counterparty’s proposal relative to the risks and potential benefits of such counterparty. In evaluating the strength of each counterparty’s product candidate programs and intellectual property, the Transaction Committee considered factors (to the extent such information was then-available to the Transaction Committee) such as the stage of each counterparty’s product candidate development programs, the strength of the pre-clinical and clinical data, the number of programs as well as the potential for success and level of program risk. In evaluating the financial terms of each counterparty’s proposal, the Transaction Committee considered factors such as the rationale for the counterparty’s valuation, the need for additional financing to achieve clinical milestones, the quality of the counterparty’s existing investors, the ability of the counterparty to meet the reporting requirements of a public company, the timeline for value creation for Cara’s stockholders as well as the experience of the counterparty’s management