Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 894

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 894
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 such holders of OSR Common Stock (the “ Non-participating Stockholders ”) and BLAC, respectively. Each share of OSR Common Stock will be exchanged for the Per Share Consideration, which is the Annex I-3

Aggregate Consideration divided by the Company Fully Diluted Share Amount. The Aggregate Consideration Value specified in the Business Combination Agreement reflects the pre-Transaction value of OSR of approximately $244.6 million. The Aggregate Consideration is to be paid solely in shares of BLAC Common Stock and there is no component of cash or other contingent consideration as part of the Transaction. 4.OSR Business model and Comparable Companies OSR operates in “Hub-and-Spoke” business model with centralized portfolio management team of the holding company which owns and controls emerging biotech and medtech companies in South Korea and Switzerland. The subsidiary portfolio of OSR consists of life sciences companies developing biotherapeutics and a medical device supply chain service business. As life sciences holding company, OSR provides centralized leadership and resources to subsidiaries across therapeutic areas, target indications and technologies. OSR´s team is comprised of biopharma scientists, entrepreneurs, executives and employees with financial market, legal and medical industry experiences. The following table shows some of the most prominent public comparables with the hub-and-spoke biotech model which we were able to identify from the publicly available sources (see citations below the table) Table 1:Market comparables with hub-and-spoke business models

|                  |     | Roivant                                                                                                                                                                    |     | BridgeBio                                                                                                                                       |     | Centessa                                                                                                                                                                 |     | Fortress                                                                                                                                                                    |     | Nimbus                                                                                                            |     | PureTech                                                                                                                                                                                                      |
| Founding (HQ)    |     | 2014 (Basel, Switzerland)                                                                                                                                                  |     | 2015 (Palo Alto, California)                                                                                                                    |     | 2020 (Cambridge, Massachusetts)                                                                                                                                          |     | 2006 (New York, New York)                                                                                                                                                   |     | 2009 (Cambridge, Massachusetts)                                                                                   |     | 2005 (Boston, Massachusetts)                                                                                                                                                                                  |
| Financing        |     | Public                                                                                                                                                                     |     | Public                                                                                                                                          |     | Public                                                                                                                                                                   |     | Public                                                                                                                                                                      |     | Private                                                                                                           |     | Public                                                                                                                                                                                                        |
| Formation        |     | Central company founded; first subsidiary (Axovant) from a GSK acquisition                                                                                                 |     | Central company founded in 2017 with seven subsidiaries