Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 264

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 264
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4, Piper Sandler sent out initial process letters, which requested submission of a preliminary indication of interest by August 16, 2024 from such parties and confidentiality agreements that would provide such parties access to a virtual data room that included Cara’s then-current cash runway. On July 27, 2024, Cara’s virtual data room was opened to potential counterparties in a strategic transaction. During the course of this process, Cara management also initiated workstreams at the direction of the Cara Board in order to minimize its cash spend and preserve its cash runway, such as reducing its employee base, subletting Cara’s headquarters and pursuing a sale of Cara’s legacy assets and unwinding its associated liabilities.

During July and August 2024, Cara executed confidentiality agreements with 33 companies, each of which contains a customary standstill provision that allows for confidential proposals to the Cara Board and which terminates if Cara enters into a merger transaction.

Additionally, from July through October 11, 2024, at the direction of the Transaction Committee, Cara management negotiated a term sheet with CSL Vifor regarding a potential asset disposition and the treatment of the HCR obligations. Cara identified CSL Vifor as the only reasonable counterparty for the difelikefalin assets, rights and liabilities based on Cara’s historical interactions with other potential counterparties and the fact that CSL Vifor holds full commercialization rights of Kapruvia, and where applicable KORSUVA, worldwide (excluding Japan and South Korea).

On August 7, 2024, the Cara Board held a videoconference meeting with representatives of Cara management and representatives of Cara’s regular outside legal counsel also attending. At this meeting, the Cara Board discussed the status of outreach to potential parties, including the two preliminary indications of interest received at that stage.

On August 14, 2024, Cara reported cash and cash equivalents totaling $49.239 million as of June 30, 2024.

On August 16, 2024, Cara received an indication of interest from Tvardi.

By August 19, 2024, Cara had received 24 preliminary indications of interest from potential counterparties. The proposals were comprised of 23 proposals for a reverse merger with Cara, including Tvardi’s, and one proposal for an all cash acquisition of Cara at an aggregate price representing a discount to Cara’s anticipated cash balance at closing plus a contingent value right equal to a percentage of the net proceeds payable from any license or disposition of Cara’s existing assets. The cash tender