# EDGAR Filing Document

**Accession Number:** 0002079364
**File Stem:** 0000000000-25-009215
**Filing Date:** 2025-8
**Character Count:** 24533
**Document Hash:** 64a9b47c1e6d36f6bd684aabdd5722bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009215.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000000000-25-009215

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250827

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voyager Acquisition Corp./Cayman Islands
- **CENTRAL INDEX KEY:** 0002006815
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-289108

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WINSTON & STRAWN LLP
- **STREET 2:** 800 CAPITOL ST., STE 2400
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 03477204333

**MAIL ADDRESS:**
- **STREET 1:** C/O WINSTON & STRAWN LLP
- **STREET 2:** 800 CAPITOL ST., STE 2400
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Veraxa Biotech AG
- **CENTRAL INDEX KEY:** 0002079364
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-289108

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** TALACKER 35
- **CITY:** ZURICH
- **PROVINCE COUNTRY:** V8
- **ZIP:** 8001
- **BUSINESS PHONE:** 41443858450

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** TALACKER 35
- **CITY:** ZURICH
- **PROVINCE COUNTRY:** V8
- **ZIP:** 8001
**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Veraxa Biotech Holding AG
- **CENTRAL INDEX KEY:** 0002079109
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-289108

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** TALACKER 35
- **CITY:** ZURICH
- **PROVINCE COUNTRY:** V8
- **ZIP:** 8001
- **BUSINESS PHONE:** 41443858450

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** TALACKER 35
- **CITY:** ZURICH
- **PROVINCE COUNTRY:** V8
- **ZIP:** 8001
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001829126-25-005620

## Text-Extract

```

                                                            August 27, 2025

Christoph Antz
Chief Executive Officer
Veraxa Biotech Holding AG
Talacker 35
8001 Zurich, Switzerland

Adeel Rouf
Chief Executive Officer
Voyager Acquisition Corp./Cayman Islands
131 Concord Street
Brooklyn, NY 11201

       Re: Veraxa Biotech Holding AG
           Registration Statement on Form F-4
           Amendment No. 1 to Registration Statement on Form F-4
           Filed July 31, 2025
           File No. 333-289108
Dear Christoph Antz and Adeel Rouf:

     We have reviewed your amended registration statement and have the
following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Registration Statement on Form F-4
Cover Page

1.     Please revise your cover page to state the amount of the compensation
received or to
       be received by the SPAC sponsor, its affiliates, and promoters in
connection with the
       de-SPAC transaction or any related financing transaction. Refer to Item
1604(a)(3) of
       Regulation S-K for guidance.
 August 27, 2025
Page 2

2.     Whenever available, please revise your cover page to discuss the
contemplated PIPE
       agreement discussed on page 177. Refer to Item 1604(a)(2) of Regulation
S-K for
       guidance.
Questions and Answers about the Business Combination and the Extraordinary
General
meeting, page 11

3.     Please revise this section to include a Q&A discussing the anticipated
liquidity
       position of PubCo following the Business Combination. In your Q&A please
quantify
       anticipated transaction expenses and debts of the combined company,
including any
       deferred underwriting commissions. In your Q&A, please also discuss how
PubCo
       intends to use the proceeds from the Business Combination and how far it
expects to
       reach in the development of Veraxa Biotech Holding AG's product
candidates with
       these proceeds at the various redemption levels detailed in your
sensitivity analysis.
       Please similarly revise the Summary of the Proxy Statement/Prospectus.
4.     Please revise this section to include a Q&A disclosing the management
and directors
       of the post-business combination company.
Q: Why is SPAC proposing the Business Combination?, page 16

5.     Please revise this Q&A to disclose the valuation ascribed to Veraxa
Biotech Holding
       AG in the Business Combination.
Q: What are the U.S. federal income Tax consequences of the Business
Combination to me?,
page 19

6.     Please revise this Q&A to briefly describe the tax consequences of (i)
the Business
       Combination to U.S. holders of Voyager Acquisition Ordinary Shares and
(ii)
       exercising redemption rights, respectively. Please also revise here and
throughout to
       state that your discussion of the tax consequences of the Business
Combination
       constitutes the opinion of counsel and identify counsel.
Q: How do the Sponsor and the officers and directors of SPAC intend to vote on
the
proposals?, page 20

7.     Please disclose if any consideration was received by the shareholders
who have
       agreed to vote in favor of the merger agreement.
Q: What shareholder vote thresholds are required for the approval of each
proposal..., page 25

8.     Please revise this Q&A to clearly state that the Business Combination is
not structured
       so that approval of at least a majority of unaffiliated security holders
of Voyager
       Acquisition is required, as you have done on page 146. Please also
revise to add risk
       factor disclosure highlighting the risks to unaffiliated investors
related to this
       structure. Refer to Item 1606(c) of Regulation S-K for guidance.
Summary of the Proxy Statement/Prospectus
Veraxa Biotech AG, page 28

9.     We note your statement that your pipeline has the potential to expand
the therapeutic
       window of current solid tumor treatments through "improved safety and
efficacy
 August 27, 2025
Page 3

      profiles." We also note disclosure appearing in your Business section
referring to your
      candidates as "highly effective", "potent", "safe" and with "excellent
safety
      profiles." Please revise throughout the proxy statement/prospectus to
remove any
      implication that your product candidates are currently safe and/or
effective as these
      statements are premature based on your current stage of development and
      determinations regarding safety and efficacy are solely within the
authority of the
      FDA and corresponding regulatory authorities.
Reasons for the SPAC Board's Approval of the Business Combination, page 37

10.   We note your disclosure that Voyager Acquisition's board considered
certain "forecast
      projections" in determining that the business combination was in the
SPAC's best
      interest. Please revise, wherever appropriate, to disclose these
projections, including
      any material assumptions underlying the projections and Veraxa's
reasoning for
      preparing the projections. Please also clearly state whether the
projections continue to
      reflect the views of Veraxa's management on its future performance as of
the most
      recent practicable date.
Emerging Growth Company, page 53

11.   You disclose that you have "elected to take advantage of the benefits of
this extended
      transition period for complying with new or revised accounting standards
as required
      when they are adopted for public companies." However, the extended
transition
      period is only for US GAAP and is not applicable to IFRS. Refer to
Questions 33 and
      34 of the Jumpstart Our Business Startups Act Frequently Asked Questions
available
      on our website. Please revise this section as well as similar disclosures
elsewhere in
      your document accordingly.
Background of the Business Combination, page 170

12.   Please revise this section to include a reasonably detailed discussion of
both the
      benefits and detriments of the de-SPAC transaction and any related
financing
      transactions to Voyager Acquisition, the Sponsor, Veraxa Biotech Holding
AG, and
      unaffiliated security holders of Voyager. Refer to Item 1605(c) of
Regulation S-K for
      guidance.
13.   Please expand this discussion to include Veraxa Biotech AG's reasons for
engaging in
      the Business Combination and whether it considered other transactions,
such as
      conducting a traditional IPO, in lieu of a de-SPAC. Refer to Item
1605(b)(3) of
      Regulation S-K for guidance.
14.   Please revise this section to reflect when the fairness opinion was
provided by the
      financial advisor and whether the opinion was considered in evaluating
the
      transaction.
Summary of Fairness Opinion to SPAC, page 182

15.   Please revise this section to briefly describe the qualifications of
ERShares. Refer
      to Item 1607(b)(2) of Regulation S-K for guidance.
16.   Please revise your disclosure regarding the Guideline Publicly Traded
Companies
      Analysis to disclose in more detail why ERShares selected the 12 GPC
Guideline
 August 27, 2025
Page 4

      Companies, the stage of development of each company in the analysis and
each
      company   s estimated enterprise value. Please disclose whether any of
the guideline
      companies are at a more advanced stage of development than Veraxa Biotech
AG and,
      if so, whether ERShares applied any discount factor to these companies.
Information about SPAC, page 193

17.   Please revise to describe describe the general character of the Sponsor's
business.
      Refer to Item 1603(a)(2) of Regulation S-K for guidance.
18.   Please revise this section to clearly identify any SPACs and SPAC
business
      combinations in which your management team has participated. In addition,
for each
      SPAC involving members of your management team, clearly disclose any
extensions
      and redemption levels in connection with any extension and/or business
combination.
      For those SPACs that have completed a de-SPAC transaction, disclose the
current
      trading prices. Refer to Item 1603(a)(3) of Regulation S-K for guidance.
Information about the Company, page 215

19.   Please revise to remove all references to your product candidates and
platforms
      potentially being "first-in-class" or "best-in-class" as these statements
are speculative
      in light of the current regulatory status of your clinical and
preclinical candidates.
20.   We note your disclosure that you are in several discussions with global
      pharmaceutical companies interested in the potential of your BiTAC
platforms.
      Please revise your disclosure to provide more detail regarding these
discussions with
      these parties, including the nature of their interests and the current
status of any
      negotiations. In addition, please provide the same level of disclosure in
relation to
      your statements about the potential licensing of your VX-A902 program.
21.   Please revise to provide a more fulsome description of any preclinical
studies wherein
      you compare your candidates to other clinical candidates or approved drug
products.
      For example only, we note your disclosure on page 231 of a study
comparing your
      "PBD warheads" to a "marketed ADC" and disclosure on page 247 related to
a test
      wherein you compare your BiTAC-TCEs to "standard TCEs." Please revise
your
      discussion of these studies to clarify if they were head-to-head trials
against specific
      compounds and briefly discuss the methodology of each study disclosed. To
the
      extent any of these comparisons arise from studies that were not
head-to-head, please
      remove them.
Company Background, page 216

22.   Please expand your disclosure regarding your acquisition of VX-A901,
including
      when you acquired the product candidate, that party from whom it was
acquired and
      whether there are any ongoing obligations to the party. Please also
provide similar
      disclosure for the in-licensing of the Hemibody platform. Please file any
agreements
      relating to these items as exhibits to your registration statement or
tell us why you
      believe such a filing is not required.
 August 27, 2025
Page 5
Our Concepts for Improving Targeted Therapies, page 219

23.    Please revise to define the phrase    click-to-release    in the context
of your BiTAC
       platforms.
Our Dual-Targeting/AND-Gate Concept, page 222

24.    Please revise the graphic appearing on page 222 to remove the arrows
impling that
       your product candidates will be safer and more effective than approved
therapies.
       Please also revise the graphic on page 221, which implies that your
product is less
       toxic and more effective than current cancer treatments.
Our BiTAC Platforms, page 238

25.    Please provide your basis for your statement claiming that your BiTAC
platform
       currently stands as the "only technology capable of abolishing systemic
toxicity."
26.    Please remove your statements claiming that you will be able to develop
your drug
       products "faster," at a "lower cost" or with an "increased chance of
success" as these
       statements are speculative.
Our Hitmaster Screening Platform, page 250

27.    Please revise to briefly discuss your reasons for no longer pursuing
internal
       therapeutic discovery programs utilizing your Hitmaster platform. Please
also clarify
       if any of your own preclinical and clinical candidates were discovered
using this
       platform.
Discovery, page 255

28.    Please define the terms "preclinically validated" and "clinically
validated" within the
       context of the antibodies you are selecting in your Discovery phase.
Our Pipeline, page 261

29.    Please revise your pipeline table to present the current development
status of each of
       your material product candidates without predicting the potential dates
for future
       development stages that you are not yet prepared to initiate. For
example only, we
       note your disclosure expecting VX-A903-1 will be entering Phase 2 trials
in
       2030. Clinical development is inherently uncertain and requires success
in the prior
       stage for continued development, so it is speculative to assume you will
be able to
       conduct Phase 2 trials prior to completing Phase 1. Please revise your
pipeline table
       accordingly.
30.    We note the inclusion of a number of candidates with an indication of
"tbd" that
       appear to be in the early preclinical or discovery stages. We also note
a number of
       potential "partnerships" candidates that do not appear to be entering
discovery or
       preclinical testing until 2026 or 2027. Given the limited disclosure
related to these
       candidates, please revise to explain how these candidates are currently
material to
       your business and provide more fulsome disclosure related to these
candidates
       including any development activities conducted and planned indications.
       Alternatively, please remove any candidates not currently material to
your business
       from your pipeline table.
 August 27, 2025
Page 6

31.    Please ensure your pipeline table clearly demonstrates all steps that
must be
       completed (e.g., Phase 1, Phase 2 and Phase 3 trials) for each clinical
candidate before
       regulatory approval is received, so that investors can clearly
understand what steps
       must still be taken prior to commercialization.
32.    We note your statement that your DAR 4 anti-HER2 ADC has "efficacy" in
line
       with Enhertu at the same doses. Please revise this statement, as it
improperly implies
       this candidate is both effective and comparable to products that are
already approved
       for commercial sale.
Strategic Clinical-Regulatory Development Approach, page 267

33.    Please revise to briefly discuss the material aspects of your Phase I
clinical trial design
       for your VX-A901 candidate. In your revisions, clarify where your trial
is being
       conducted, disclose primary and secondary endpoints and enrollment data.
Please
       remove disclosures that imply your product candidate is safe or
effective. You may
       present objective data resulting from your preclinical and clinical
testing without
       concluding efficacy.
Partnerships And Collaborations, page 269

34.    Please revise to provide a more fulsome description of your material
partnerships and
       collaborations discussed in this section and indicated in your pipeline
table on page
       261. In your revisions, ensure that you disclose the rights and
obligations of both
       parties, any term and termination provisions, aggregate amounts paid or
due under
       these agreements and any amounts paid to date. Please also file these
agreements as
       exhibits to your registration statement or tell us why you believe such
a filing is not
       required. Refer to Item 601(b)(10) of Regulation S-K for guidance.
Intellectual Property, page 270

35.    Please revise to disclose the expiration dates or potential expiration
dates, if granted,
       for each patent or patent application disclosed in this section. Please
also revise to
       identify the specific programs protected by each of your patents.
Company Management's Discussion and Analysis of Financial Condition and Results
of
Operations
Results of Operations
Research and Development Expenses, page 297

36.    Revise your disclosure to separately quantify and explain the nature of
the research
       and development expenses for each reporting period presented. To the
extent you
       track your research and development costs by product candidate, revise
to provide a
       breakdown of for each period presented. For research and development
expenses not
       tracked by product candidate, provide a breakdown by nature or type of
expenses such
       that the total reconciles to the research and development expense line
item. Provide a
       revised discussion of the research and development activities for each
period and the
       reasons for the changes in expenses between periods.
Sales and Marketing Expenses, page 297

37.    Revise to more clearly identify the nature of the amounts reported as
Sales and
 August 27, 2025
Page 7

       Marketing, given the Company currently has no product sales.
Critical Accounting Policies and Estimates, page 299

38.    Revise your MD&A to provide a table of issuances of Veraxa equity for
       compensatory purposes for the latest annual period and subsequent
period. Please
       explain to us how you determined the fair value of Veraxa's common stock
underlying
       equity issuances and the reasons for any differences between the recent
valuations of
       your common stock leading up to the business combination and the
exchange price.
       This information will help facilitate our review of your accounting for
equity
       issuances including stock compensation. Please discuss with the staff
how to submit
       your response.
Material Tax Considerations, page 311

39.    Please revise this section to also discuss the material Federal income
tax consequences
       to Veraxa Biotech AG's security holders or tell us why such disclosure
is not required.
       Refer to Item 1605(b)(6) of Regulation S-K for guidance.
40.    We note your inclusion of a "should" opinion within your prospectus.
Please provide
       risk factor and/or other appropriate disclosure setting forth the risks
of uncertain tax
       treatment to investors. Refer to Section III.C.4 of Staff Legal Bulletin
No. 19.
Comparison of Corporate Governance and Shareholder Rights, page 331

41.    Please revise this section to include an explanation of any material
differences in the
       rights of Veraxa Biotech AG security holders compared to the rights of
PubCo
       security holders. Refer to Item 1605(b)(4) of Regulation S-K for
guidance.
Exhibits

42.    We note within Exhibit 23.1 that the auditor   s consent refers to a
report dated July 16,
       2025 while the report included on page F-10 is dated July 30, 2025. We
similarly note
       within Exhibit 23.2 that the auditor's consent refers to a report dated
July 25, 2025
       while the report included on page F-2 is dated July 30, 2025. We also
note both
       consents do not refer to the specific filing such as Amendment No. 1 to
Form F-4. In
       your next amendment, please provide updated auditor   s consents that
refer to the
       correct audit report date and the correct filing. The consents should
also be currently
       dated and signed by your auditors. Refer to Item 601(b)(23)(i) of
Regulation S-K.

General

43.    Please revise, wherever appropriate, to clearly state whether Voyager
Acquisition's
       board retained an unaffiliated representative to act solely on behalf of
unaffiliated
       security holders for purposes of negotiating the terms of the de-SPAC
transaction
       and/or preparing a report concerning the approval of the de-SPAC
transaction. Refer
       to Item 1606(d) of Regulation S-K for guidance.
44.    With a view toward disclosure, please tell us whether your sponsor is,
is controlled
       by, has any members who are, or has substantial ties with, a non-U.S.
person. Please
       also tell us whether anyone or any entity associated with or otherwise
involved in the
 August 27, 2025
Page 8

       transaction, is, is controlled by, has any members who are, or has
substantial ties with,
       a non-U.S. person. Also revise your filing to include risk factor
disclosure that
       addresses how this fact could impact your ability to complete your
initial business
       combination. For instance, discuss the risk to investors that you may
not be able to
       complete an initial business combination with a target company should
the transaction
       be subject to review by a U.S. government entity, such as the Committee
on Foreign
       Investment in the United States (CFIUS), or ultimately prohibited.
Further, disclose
       that the time necessary for government review of the transaction or a
decision to
       prohibit the transaction could prevent you from completing an initial
business
       combination and require you to liquidate. Disclose the consequences of
liquidation to
       investors, such as the losses of the investment opportunity in a target
company, any
       price appreciation in the combined company, and the warrants, which
would expire
       worthless.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Tara Harkins at 202-551-3639 or Kevin Vaughn at
202-551-3494 if
you have questions regarding comments on the financial statements and related
matters. Please contact Tyler Howes at 202-551-3370 or Chris Edwards at
202-551-6761
with any other questions.

                                                             Sincerely,

                                                             Division of
Corporation Finance
                                                             Office of Life
Sciences
cc:   Andrew Tucker, Esq.
      Michael J. Blankenship, Esq.

```

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