Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 904

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 904
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 Enterprise value is an estimate due to company data not being publicly available. (4)“sum of the parts” valuation between I/O (representing Vaximm’s comparables) and DMOAD (representing Darnatein’s comparables) as a direct comparable to the current business portfolio of OSR consisting of Vaximm and Darnatein. Of the three categories presented in the comparable table above, from a financial perspective, OSR is not comparable to the companies belonging to the Hub-and-Spoke category from a size and, to a lesser extent, profitability perspective, but is comparable to those companies based on the business model. By 2029, based on OSR’s projections of its revenue and profitability, OSR is expected to be similar to the Hub-and-Spoke group companies in terms of both size and profitability, more specifically Centessa 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