OSR Holdings’ Swiss‑based subsidiary Vaximm AG announced a binding term sheet for a global exclusive license of its lead oral immunotherapy candidate VXM01, with the agreement structured through BCM Europe AG’s dedicated investment vehicle, BCM Decentralized Science Investors I, LP.
The term sheet provides Vaximm with an upfront payment of up to $30 million, split evenly between cash and digital assets, and milestone payments that could total $815 million. A fairness opinion will be obtained from an independent valuation firm, underscoring the seriousness of the transaction and the potential value of VXM01 to both parties.
VXM01 is an oral anti‑VEGFR‑2 vaccine that activates the patient’s immune system to attack tumor vasculature and cancer cells. Phase 2a data in recurrent glioblastoma, in combination with avelumab, showed good tolerability and promising efficacy, while earlier Phase I studies in pancreatic cancer indicated safety and improved survival. The binding term sheet reflects confidence in VXM01’s differentiated oral delivery and its potential to address multiple cancer indications.
For OSR Holdings, the licensing agreement accelerates the development of its oral immunotherapy platform and provides a significant cash infusion that can be deployed toward later‑stage clinical studies. The deal also signals external validation of Vaximm’s technology, potentially strengthening investor confidence and positioning OSR for future growth in oncology.
BCM Europe AG, the largest shareholder of OSR Holdings, has a strategic interest in Vaximm’s success. The creation of a dedicated investment vehicle for the license demonstrates a structured approach to financing and development, and the partnership leverages BCM’s existing relationship with OSR Holdings to streamline the transaction.
Tim Smith, Head of Investor Relations at OSR Holdings, said the binding term sheet “represents a meaningful progression from earlier discussions and reflects third‑party confidence in the value of VXM01.” Andreas Niethammer, CEO of Vaximm AG, added that the deal “underscores BCM Europe’s genuine intent and capability to close the deal, providing a strong foundation to advance VXM01 into later‑stage development while preserving long‑term upside for Vaximm.”
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