Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 300

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 300
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0% Redemption Rate)       |     | $                    |    288 |   |     | $                |    263 |   |
| Post-Transaction (% Discount to Peer Group) |     |                      |   42.6 | % |     |                  |   44.6 | % |

____________ (1)As of November 15, 2023 from publicly available data (2)As of September 6, 2023 according to PrivCo. Enterprise value is an estimate due to company data not being publicly available. (3)As of February 8, 2022 according to Tracxn.com. Enterprise value is an estimate due to company data not being publicly available. (4)“sum of the parts” valuation between I/O (representing Vaximm’s comparables) and DMOAD (representing Darnatein’s comparables) as a direct comparable to the current business portfolio of OSR Holdings consisting of Vaximm and Darnatein. In the BLAC M&A Committee’s view, it would not be appropriate to compare the valuation of OSR Holdings, a relatively new hub -and -spokecompany, directly against the valuations of the larger and more -establishedpeers operating with the same corporate model. However, the BLAC M&A Committee also evaluated and acknowledged that there is growing recognition by market participants of the competitive advantages that the hub -and -spokemodel has demonstrated to the overall market and the industry in terms of business performance and share price performance relative to the composite index. The BLAC M&A Committee is of the view that, when several individual high -riskassets are “bundled” into a portfolio, the holding company owning and managing the portfolio may be able to generate a superior risk -adjustedreturn for the company’s shareholders due to the portfolio effect.

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Supported by observations such as these, the BLAC M&A Committee believes that if OSR Holdings can achieve its business objectives as presently reviewed, it is reasonable to view the valuation metrics of the more established hub -and -spokecompanies as a meaningful comparable reference. Furthermore, at the individual subsidiary level, each of the immuno -oncology(I/O) group and the regenerative medicine (DMOAD) companies (Vaximm and Darnatein respectively), could be viewed and evaluated as direct comparables to their industry peers. Both the I/O and DMOAD datasets includes “outliers”, i.e., companies with market capital