Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 242

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 242
---
 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 Board on September 18, 2024. The Iris Board then considered, and unanimously approved the Business Combination Agreement, as amended to date, and the transactions contemplated thereby.

The Iris Board’s Reasons for the Approval of the Business Combination

On November 30, 2022, the Iris Board: (i) determined that the Business Combination was advisable to and in the best interests of Iris and its stockholders, (ii) unanimously approved the Business Combination Agreement and the transactions contemplated thereby (including the Business Combination), and (iii) recommended that Iris’s stockholders approve the Business Combination Agreement and the transactions contemplated thereby (including the Business Combination). On November 30, 2022, the Business Combination Agreement was executed by the parties. The Registration Statement was initially declared effective by the SEC on August 9, 2024. On August 16, 2024, Liminatus informed us that