OSR Holdings Inc. (NASDAQ: OSRH) announced a revised structure for its licensing agreement with BCM Europe AG concerning the oncology asset VXM01. The updated framework shifts up to $815 million in milestone payments directly to OSR Holdings rather than its subsidiary level.

Under the new structure, OSR Holdings becomes a direct counterparty to the licensing agreement alongside its Swiss subsidiary Vaximm AG and a BCM Europe AG-sponsored investment vehicle. The company will provide a development financing facility of up to $30 million to Vaximm AG, which replaces the previous upfront payment structure.

The revised agreement includes an option for OSR Holdings to issue up to $15 million of common stock to the BCM fund at $10 per share, exercisable six months after execution of the definitive agreement. Digital asset financing provisions from the original term sheet have been deferred pending regulatory clarity for public companies.

"This revised structure enables us to capture the full economic potential of VXM01 at the OSR Holdings level while funding its development in a disciplined, capital-efficient way," said Peter Hwang, CEO of OSR Holdings.

The target date for executing a definitive agreement remains April 30, 2026, subject to board approval and an independent fairness opinion. VXM01 is an oral DNA-based immunotherapy targeting VEGFR-2 positioned for late-stage clinical development in oncology.

BCM Europe AG serves as the largest shareholder of OSR Holdings. The original binding term sheet was dated January 13, 2026.