OSR Holdings, Inc. (OSRH) and its subsidiary Vaximm AG have signed a binding term sheet with BCM Europe AG (BCME) for the global licensing of the VXM01 oral cancer immunotherapy platform. BCME will be responsible for up to $815 million in clinical, regulatory, and commercial milestone payments, payable directly to OSRH. OSRH will provide a development financing facility of up to $30 million to support Vaximm's clinical development of VXM01. The agreement includes a royalty pass-through mechanism where BCME recovers its capital and a preferred return (up to 15% annually) before passing 100% of subsequent royalties to OSRH. OSRH retains an option to issue $15 million of common stock to BCME at $1.00 per share, representing a premium to current market value. The deal is subject to an independent fairness opinion and the execution of a definitive agreement by April 30, 2026.