Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 911

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 911
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essa Pharmaceuticals with a larger than $1 billion market capitalization and no revenue-generating history until FY2022 according to Centessa’s 2022 10-K filing 1 and PureTech Health with a larger than $750 million market capitalization and between $11-to-$17 million total revenue range for the last 3 reported years (2020 – 2022), so we deem it as appropriate to use the valuations of those relatively larger companies belonging to the said group. ____________ 1Centessa Pharmaceuticals generated approximately $6.85 million in revenues and $151 million in operating losses in FY2023 according to the financial statements reported in its 10-K

Annex I-15 Conclusion Based upon and subject to the foregoing, including the assumptions, qualifications and limitations set forth herein, it is our opinion as of the date hereof, that the Aggregate Consideration to be paid by BLAC in the Transaction is fair from a financial point of view to the public stockholders of BLAC and as per the defined Investment Criteria of BLAC. The preparation of a fairness opinion is a complex process and is not necessarily susceptible to a partial analysis or summary description. In arriving at our Opinion, we considered the results of all of our analyses as a whole and did not attribute any particular weight to any analysis or factor considered by us. We believe that our analyses described above must be considered as a whole and that selecting portions of these analyses, without considering all of them, would create an incomplete view of the process underlying our analyses and Opinion; the range of valuations resulting from any particular analysis described above should not be taken to be Choloc’s view of the actual value of OSR. In Schedule 1, we attached the results of AF’s analyses on OSR’s free cash flows and rNPV models on Vaximm and Darnatein which we have considered in the process of rendering our fairness opinion. Very truly yours, /s/ Myung Seok Chae Choloc Asset Investment Advisory Co., Ltd. Annex I-16

rNPV valuation model of Vaximm AG The total enterprise value of Vaximm AG is USD 183,461,000

| (Unit: USD k)           |     |  Result |     | Peak sales |     | Royalty rate |
| VXM 01                  |     | 113,943 |     |            |     |              |
| rGBM                    |     |  21,451 |     | 24