Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 267

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 267
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 the video conference, the BLAC Board further reviewed the available market comparable dataset provided by OSR Holdings and assessed the relevance and justification for these companies as selected comparables of each of Vaximm and Darnatein. The BLAC Board considered several relevant metrics including therapeutic modality, pipeline assets and related development stages, market capitalization, and private market indicative valuations. Collectively, between Vaximm and Darnatein comparable companies assessed based on the above considerations, applying a 50% discount to the comparable company dataset would imply a value of $351 million for OSR Holdings. Vaximm comparable companies analyzed included Anixa Biosciences (NASDAQ: ANIX) and Hookipa Pharma (NASDAQ: HOOK). At the time of analysis, each company’s modality comparable lead programs had completed Phase 1 immuno -oncologyclinical trials, which directly compared to Vaximm’s stage of development for its lead asset. At the time of analysis, relative to each company’s completion of Phase 1 clinical trials, market capitalization was $101 million and $108 million for Anixa and Hookipa, respectively. Additionally, several South Korean companies were also assessed as Vaximm comparables. These included immuno -oncologycompanies with Phase 2 clinical -stagelead programs, Vaxcell Biotherapeutics (KOSDAQ: 323990) and SillaJen (KOSDAQ: 215600). At the time of their Phase 2 clinical program announcements, Vaxcell Biotherapeutics had a market capitalization of approximately $685 million while SillaJen’s market capitalization was approximately $450 million. Companies comparable to Darnatein included 3 publicly -tradedand a dozen “venture -backed” private companies. Of the 15 identified companies, OSR Holdings further employed a very explicit selection criteria limiting the market comparable companies to those developing disease -modifyingosteoarthritis drugs (DMOADs) only. This distinction objectively differs from the existing standard of care approaches such as joint replacement surgery or symptomatic therapies to reduce pain. According to a National Library of Medicine (NLM) publication, “Latest Insights in Disease -modifyingOsteoarthritis Drugs Development 1”, only 4 companies (Merck KGaA, Galapagos, BioSplice Therapeutics (formerly Samumed), and Kolon TissueGene) were identified as comparable to Darnatein conducting mid -to-latestage clinical trials developing