US-based OSR Holdings (NASDAQ: OSRH) announced a definitive global exclusive license agreement with Swiss investment group BCM Europe AG (BCME) covering VXM01, a Phase III-ready oral therapeutic cancer vaccine targeting VEGFR-2.
Under the deal, BCME receives worldwide rights to develop, manufacture, and commercialize VXM01, with OSR eligible for up to USD 815 million in clinical, regulatory, and commercial milestones. No upfront payment was disclosed, and milestone breakdowns were not provided. OSR will receive royalties only after BCME recoups its investment and a preferred return, making the economics heavily back-loaded.
BCME, which holds a 29.7% stake in OSR, is a related party, requiring independent board approval and a fairness opinion. To secure its obligations, BCME has pledged its entire OSRH shareholding as collateral. The firm indicated it intends to sublicense the asset to a pharmaceutical partner rather than lead development itself.
Separately, OSR will acquire full intellectual property rights to VXM01 from its subsidiary Vaximm AG for USD 30 million, consolidating ownership ahead of potential sublicensing. The agreement also includes a put option allowing OSR to sell up to USD 15 million in shares to BCME at USD 10.00 per share after six months.