Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 896

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 896
---
 connection with the Transaction. It is not to be used, circulated, quoted, reprinted, or otherwise referred to (either in its entirety or through excerpts or summaries) for any other purposes, without prior written consent of Choloc. In connection with this Fairness Opinion, we have made such reviews, analyses and inquiries as we have deemed necessary and appropriate under the circumstances. Among other things, we have: •Reviewed the final prospectus of BLAC dated February 9, 2023 (the “ Prospectus”) as filed with the U.S. Securities and Exchange Commission on February 13, 2024 (File No. 333-264597); •reviewed the Korean affiliate of a global accounting firm (“AF”) projected revenue and expenses model (rNPV analysis) for Vaximm; •reviewed AF’s projected revenue and expenses model (rNPV analysis) for Darnatein; •reviewed Ghilin Accounting Corp.’s DCF analysis and valuation model for RMC Co. Ltd. (“ RMC”); •reviewed comparable public and privately-held company analysis provided by the M&A Committee; •researched and analyzed recent deal activities in the biopharma field (i.e., asset, equity, tech access, collaboration, license deals) which are relevant to the assets, companies and business model of OSR; •researched and analyzed materials concerning sales analogs of marketed drugs specific to the assets, companies and business model of OSR; Annex I-2 •reviewed and analyzed data rooms content made available by OSR, containing on a per company, per asset basis, information related to scientific, IP, business model, competitive landscape, R&D and financial assumptions and capitalization table to date; •interviewed certain members of the management of OSR regarding the business, operations, financial conditions and prospects of OSR and its subsidiaries; •considered publicly available financial terms of certain transactions that we deemed to be relevant; and •conducted such other tests, analysis and inquiries, as we deemed necessary and appropriate under the circumstances. We have relied upon and assumed, without independent verification, the accuracy, good faith and completeness of all data, material or other information furnished, or otherwise made available to us, discussed with or reviewed by us, or publicly available, and do not assume any responsibility with respect to such data, material, and other information. In addition, we assume that the information supplied by management of OSR and others represented a good faith effort to describe OS