Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 333

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 333
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 of the beta component applied to the WACC were reviewed, and CB Capital excluded companies, such as pre-commercial companies, that did not have available data. Lastly, market leaders were analyzed when comparing drug indication pipelines, as these companies report forward looking metrics, setting the stage for how companies pending FDA approval will likely perform following FDA approval. Pre-commercial companies that do not report such forward looking metrics were removed. In connection with rendering its fairness opinion, CB Capital presented its financial analyses and valuation methodologies, including its approach to the selection of comparable companies and the list of companies selected, to the Denali Board. CB Capital also answered various questions from the Denali Board regarding these matters and its overall analysis. Furthermore, CB Capital presented its final fairness opinion and report to the Denali Board, which outlined the various components of its valuation. While the Denali Board reviewed CB Capital’s comparable company analysis as part of the overall fairness opinion presentation, including the list of companies selected by CB Capital, the Denali Board did not make a separate determination as to whether the companies selected by CB Capital were comparable to Semnur. The Denali Board considered CB Capital’s financial analysis and fairness opinion in their entirety, among many other factors, in reaching its decision to approve the Merger Agreement and the Business Combination and to recommend that Denali shareholders vote in favor of the Business Combination.

| Company Name                                       |     | Share       
 Price ($)   
 08-14-24(3) |        |     | Share     
 Price ($) 
 52-Week   
 Low(3)    |        |     | Share     
 Price ($) 
 52-Week   
 High(3)   |        |     | Equity         
 Value($)(1)(2) |           |     | Enterprise     
 Value($)(1)(2) |           |
| Amgen Inc. (NasdaqGS:AMGN)                         |     |             | 323.45 |     |           | 248.38 |     |           | 346.85 |     |                | 173,799.1 |     |                | 277,143.1 |
| Pacira BioSciences, Inc. (NasdaqGS:PCRX)           |     |             |   12.4 |     |           |  11.16 |     |           |  38.23 |     |                |     572.0 |     |                |     816.3 |
| CVS Health Corporation (NYSE:CVS)