Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 303

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 303
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 the DMOAD group, Biosplice Therapeutics demonstrates values that are disproportionately greater than the rest of the group with an indicated private -marketequity valuation of $12 billion. Those outliers are the companies in very advanced phases of clinical developments in their respective field of treatments and should therefore be relevant as target valuations for OSR Holdings if and when OSR Holdings reaches the later stages of its pipeline development. However, to take a more conservative approach, the BLAC M&A Committee excluded the outliers from each dataset and compared the outcomes (the normalized market capitalizations and EVs) against the “observational analyses” with the outliers included. This way, the BLAC M&A Committee has taken a conservative approach regarding the observational and normalized analyses on the comparable companies. Finally, the BLAC M&A Committee calculated a “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 Holdings consisting of Vaximm and Darnatein by adding the two together. Normalized Medians for Comparable Groups (excluding LigaChem and BioSplice) (In USD million)

| Category                      |     |         Market 
 Capitalization |     | Enterprise 
      Value |
| Hub-and-Spoke (Target Values) |     |          5,136 |     |      6,327 |
| Immuno-Oncology (I/O)         |     |            193 |     |        140 |
| Regenerative (DMOAD)          |     |            109 |     |        119 |
| I/O and DMOAD combined        |     |            302 |     |        259 |

•Valuation for the Business Combination: $244,612,136 •Indicative discount against comparables (I/O + DMOAD): 25.8% approximately •Indicative discount against “Target Values”: 96.1% approximately ____________ *Excluded companies for normalization: Fortress Biotech, Immatics, Arcus Biosciences, LigaChem Biosciences and Biosplice Therapeutics Of note, Fortress Biotech, the outlier in the hub -and-spokegroup, is disproportionately smaller in values compared to the other datapoints. This has been excluded for normalization purpose, which rendered the normalized median values to be greater than the observational medians for market capitalization and EV for the hub -and