Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 273

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 273
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26, 2023, Mr. Hwang and OSR Holdings members discussed their respective independent research on a well -knownmarket comparable biopharma holding company, Roivant Sciences (NASDAQ listed). Both BLAC and OSR Holdings had also conducted independent research into other comparable biotech holding companies, including BridgeBio, ElevateBio, Biohaven Pharmaceuticals and others. Mr. Hwang reported finding that Roivant’s percentage ownership of each of its subsidiaries was between 25% and 100%, and that the majority of its subsidiaries received external investments, leading to a dilution of Roivant’s ownership. OSR Holdings members reported the same finding. Mr. Hwang said that from BLAC’s perspective, in spite of dilution, the ability to raise external capital for its subsidiaries separately would be beneficial to BLAC’s shareholders, as it would reduce reliance on BLAC’s investment budget. Mr. Hwang reported that from BLAC’s perspective as a SPAC searching for a target for a business combination, the biotech holding company model as observed with Roivant was attractive because it would allow for risk -sharingbetween BLAC and public investors by providing the latter with the ability to selectively invest in particular subsidiaries, with the overall portfolio risk/return profile remaining with BLAC. OSR Holdings’ management agreed with the overall investment thesis explained by Mr. Hwang on behalf of BLAC, based on its own research, and indicated that OSR Holdings management would be agreeable to the proposed business combination if the per -sharevaluation of OSR Holdings could be maintained, if not raised, at the same level from the price that was used in the share exchange transactions with all three subsidiaries which had taken place from December 2022 to February 2023. Mr. Hwang acknowledged OSR Holdings members’ statements on this matter. Another issue discussed during this video conference was OSR Holdings’ potential acquisition of LBV, and the impact the acquisition would have on current OSR Holdings’ members in terms of corporate structure, post -mergerintegration, roles and responsibilities between the two groups following the potential business combination of OSR Holdings with BLAC. Mr. Hwang explained that BLAC envisioned the current Korean entity of OSR Holdings to continue as a Corporate Development Headquarter of the Combined Company. OSR Holdings members accepted and agreed with this plan for corporate structure development. July 6, 2023 On July 6, 2023, the BLAC M&A Committee met via video conference to discuss the proposed valuation of OS