Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 271

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 271
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 call the valuation reports on OSR Holdings’ subsidiaries prepared by third -partyexperts in the field of biopharma valuation from Switzerland and Korea. Mr. Yu explained why he believed the proposed business combination would be beneficial to BLAC stockholders, considering the market capitalization comparables of OSR Holdings’ subsidiaries in cancer vaccine/immuno -oncologyand disease -modifyingosteoarthritis drug (DMOAD) sectors in the global biopharmaceutical industry and market. See “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 fair market value reports on OSR Holdings’ subsidiaries. Subsequent to the video conference, the BLAC Board further reviewed the available market comparable dataset provided by OSR Holdings and assessed the relevance and justification for these companies as selected comparables of each of Vaximm and Darnatein. The BLAC Board considered several relevant metrics including therapeutic modality, pipeline assets and related development stages, market capitalization, and private market indicative valuations. Collectively, between Vaximm and Darnatein comparable companies assessed based on the above considerations, applying a 50% discount to the comparable company dataset would imply a value of $351 million for OSR Holdings. Vaximm comparable companies analyzed included Anixa Biosciences (NASDAQ: ANIX) and Hookipa Pharma (NASDAQ: HOOK). At the time of analysis, each company’s modality comparable lead programs had completed Phase 1 immuno -oncologyclinical trials, which directly compared to Vaximm’s stage of development for its lead asset. At the time of analysis, relative to each company’s completion of Phase 1 clinical trials, market capitalization was $101 million and $108 million for Anixa and Hookipa, respectively. Additionally, several South Korean companies were also assessed as Vaximm comparables. These included immuno -oncologycompanies with Phase 2 clinical -stagelead programs, Vaxcell Biotherapeutics (KOSDAQ: 323990) and SillaJen (KOSDAQ: 215600). At the time of their Phase 2 clinical program announcements, Vaxcell Biotherapeutics had a market capitalization of approximately $685 million while SillaJen’s market capitalization was approximately $450 million. Companies comparable to Darnatein included 3 publicly -tradedand a dozen “venture -backed” private companies. Of the