Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 271

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 271
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room.co, the company’s valuation, as of the last capital increase was $11.6 billion in April 2021. With a total of $884 million invested capital (according to PitchBook.com) and based on our applied metrics and explicit criteria for determining comparable companies, Biosplice Therapeutics is the most direct comparable private company to Darnatein from OSR Holdings’ research. Although Biosplice Therapeutics is further along in clinical development for their lead DMOAD candidate (Phase 3 vs preclinical), it is worth noting that Biosplice and Darnatein have similarities in their scientific approaches towards developing therapies for degenerative osteoarthritis. Both companies’ lead candidates target distinct, yet specific pathways known to promote osteogenic differentiation (i.e. Wnt vs BMP). Both pathways are known to play active roles in osteogenesis (bone formation) and chondrogenesis (cartilage formation). However, Darnatein’s therapeutic approach may be further differentiated due to the potential synergistic effects on Wnt pathway by targeting BMP directly. It was the investment thesis held by OSR Holdings for its acquisition of Darnatein that, while currently in preclinical stage, the company would be able to demonstrate its unique design -augmentingchimera technology with clinical POCs (proof of concepts) to potentially compete or partner with larger companies operating in the same space such as Biosplice. See “The Business Combination — The BLAC M&A Committee’s Reasons for the Approval of the Business Combination — Comparable Company Analysis” and “The Business Combination — The BLAC M&A Committee’s Reasons for the Approval of the Business Combination — Fair Market Value”for detailed discussions on the comparable company analysis and the fair market value reports on OSR Holdings’ subsidiaries. June 15, 2023 By email dated June 15, 2023, with OSR Holdings’ approval, Mr. Hwang sent the BLAC M&A Committee a package of material, including a revised presentation of OSR Holdings, and OSR Holdings’ unaudited Consolidated Statements of Financial Position as of December 31, 2022 and 2021, and Consolidated Statements of Comprehensive Income for years ended December 31, 2022 and 2021. OSR Holdings was copied on the email. June 18, 2023 Commencing at 8:00 PM Eastern time on June 18, 2023, the BLAC M&A Committee met. All of the members of