Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 264

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 264
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 Roivant Sciences serves as a model. The parties agreed to further discuss a business combination between BLAC and LBV, and also to pursue different options for collaboration between the groups. The discussion then turned to a possible acquisition of LBV by OSR Holdings as an alternative to a direct merger by BLAC with LBV, since LBV’s total valuation for its portfolio companies alone might not be sufficiently large for a business combination with BLAC. Mr. Hwang told Mr. Sellam that if OSR Holdings were to acquire LBV, LBV could focus its efforts on managing its portfolio companies and leave capitalization and fundraising efforts to OSR Holdings. Mr. Sellam said that LBV would be open to further discussions about an acquisition by OSR Holdings. The call ended with an agreement to follow up with more detailed discussions in the near future, and a confidentiality agreement was executed between the parties shortly thereafter. After the video conference, Messrs. Hwang and Whang had further discussions regarding LBV as a possible target for a business combination with BLAC, and the need to conduct further scientific and financial due diligence on LBV, including the collective valuation of LBV’s portfolio companies. Given LBV’s self -valuationin the low to mid USD $30m range, a business combination between BLAC and LBV would have to be conducted as part of at least one or more additional businesses with which to combine in order to satisfy the requirement that the fair market value of the business combination exceed 80% of the assets held in trust. April 17, 2023 At OSR Holdings’ weekly Monday morning meeting on April 17, 2023, members of OSR Holdings discussed with Mr. Hwang their findings from their research into market comparable companies on biopharmaceutical companies that became public via business combinations with SPACs. The team told Mr. Hwang that they would perform additional analyses on such transactions. See “The Business Combination — The BLAC M&A Committee’s Reasons for the Approval of the Business Combination — Comparable Company Analysis” and “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 comparable company analysis and the fair market value reports on OSR Holdings’ subsidiaries. April 19, 2023 On April 19, 2023, Mr. Hwang participated in a conference call with representatives of K&L Gates to discuss SEC guidelines surrounding related party transactions. After the conference call, Mr