Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 276

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 276
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6.24 per share of Cara Common Stock, representing approximately $2.88 less per share than the implied value of the Exchange Ratio on a per share basis (after giving effect to the December Reverse Stock Split); |

| ● | the Cara Board’s belief, based in part on clinical and scientific diligence and an analysis process conducted over several weeks by Cara’s management and reviewed with the Cara Board (which included numerous clinical and scientific diligence calls by Cara’s diligence team composed of internal and external subject matter experts, specializing in pre-clinical science, clinical development, clinical operations, regulatory, manufacturing, intellectual property, and commercialization, which diligence team had access to and comprehensively reviewed Tvardi’s virtual data room, with Tvardi’s management on Tvardi’s programs, including its lead clinical development program TTI-101, and with feedback from such diligence calls from consultants and key opinion leaders), that with respect to Tvardi’s product pipeline and the potential market opportunity for Tvardi’s product candidates, Tvardi’s product candidates have the potential to create meaningful value for the stockholders of the combined company and an opportunity for Cara’s stockholders to participate in the potential growth of the combined company; |

| ● | the Cara Board also reviewed with the management of Cara and the management of Tvardi the current plans of Tvardi for developing TTI-101 and Tvardi’s other product candidates to confirm the likelihood that the combined company would possess sufficient financial resources to allow the combined company’s management team to focus on the continued development and anticipated commercialization of those development candidates; |

| ● | the Cara Board’s belief that the combined company would be able to raise additional funds in the future based on the combination of Cara’s public company structure with Tvardi’s business; |

| ● | the ability of Tvardi to operate as a public company; |

| ● | the fact that the combined company will be led by an experienced industry chief executive officer and management team, many members of which have extensive drug development, research and development, business and regulatory expertise, and a board of directors with representation from the current Cara Board and Tvardi Board; and |

The Cara Board also reviewed various reasons impacting the financial condition, results of operations and prospects of Cara, including:

| ● | the strategic alternatives to the Merger, including potential transactions that could have resulted from discussions that Cara’s management conducted with other potential merger partners; |

| ● | the current and historical market prices of Cara’s stock, including