Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 314

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 314
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             |     |               |   |     | $          |   295 million |   |
| OSR Holdings             |     |                         |     |             |     |               |   |     |            |               |   |
| Pre-Transaction          |     |                         |     |             |     |               |   |     | $          |   245 million |   |
| (% Discount to SOTP)     |     |                         |     |             |     |               |   |     |            |          16.9 | % |

(Exchange rate: KRW1,385.47 per USD as of 6/20/2024)

187 For Vaximm and Darnatein, Choloc reviewed the adequacy of the key assumptions used in AF’s rNPV model and concluded that the assumptions used are reasonable for biopharmaceutical companies such as Vaximm and Darnatein. The rNPV analysis on Vaximm assumes that each of Vaximm’s drug candidates will receive regulatory approval from the FDA (or similar regulatory bodies in non -U.S. markets) by 2032 and commercialization by 2033, with patent protection for 15 years. The DCF valuation conducted by Ghilin in December 2022 suggested that Vaximm’s valuation at that time was approximately $104.6 million, or approximately $78.9 million less than the rNPV result of the model built by AF, which contained the latest inputs from OSR Holdings’ management. Certain key assumptions in the analyses varied and can be summarized as follows: 1.Likelihood of Approval (LOA): 5% vs. 12% While Ghilin’s assumption of 5% LOA is conservative, the industry meta -analysesindicate that the LOA of immuno -oncology(I/O) studies from Phase I to approval was close to 12% (12.4%) while the LOA for the overall oncology studies from Phase I to approval was close to 5% (5.3%) based on the data compiled by BIO (Biotechnology Innovation Organization). Choloc determined that, as the entire pipeline and technology platform of Vaximm belongs to the I/O group, rather than the general category of oncology, it would be fair and reasonable to apply a 12% LOA to the rNPV analysis of Vaximm instead of the 5% rate which is more widely observed