Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 290

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 290
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, among the other materials described herein, in its decision to pursue a business combination with OSR Holdings. The indicative values contained in such reports, as reported on each subsidiary, can be summarized as follows:

| Company| (Domicile)                                   
 Vaximm (Switzerland)                                  
 Darnatein (Korea)                                     |     | Valuation by:           
 Ghilin Accounting Corp. 
 Ghilin Accounting Corp. |     | Date of Report   
 December 5, 2022 
 December 5, 2022 |     | Methodology used:           
 Discounted Cash Flow (rNPV) 
 Discounted Cash Flow (rNPV) |     | Indicative Value1                     
 USD 104.6 million                     
 KRW 176.5 billion (USD 136.4 million) |
|:------------------------------------------------------|:----|:------------------------|:----|:-----------------|:----|:----------------------------|:----|:--------------------------------------|
| RMC (Korea)                                           |     | Ghilin Accounting Corp. |     | January 13, 2023 |     | Discounted Cash Flow        |     | KRW 12.3 billion (USD 9.5 million)    |
| Sum of the Parts:                                     
 (Exchange rate: KRW1,294.53 per USD as of 12/29/2023) |     |                         |     |                  |     |                             |     | KRW 324.2 billion (USD 250.5 million) |

1: The valuation consultants described herein were engaged for valuation work solely to be used by OSR Holdings and/or its affiliates in connection with OSR Holdings’ acquisition of Vaximm, Darnatein and RMC. Such consultants were not engaged in connection with the Business Combination, nor were their reports furnished to the BLAC M&A Committee or the BLAC Board. Because the reports were not prepared with any consideration of the Business Combination, the names of the consultants are blinded. The BLAC M&A Committee reviewed the detailed analyses contained in the valuation reports, which details are provided below. Vaximm AG

|          |     | Category                                 |     |                   |     | NPVs (In USD mil) |   |
| Revenues |     |                                          |     | VXM01 – GBM       |     |              18.2 |   |
|          |     |                                          |     | VXM01 – mCRC