Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 302

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 302
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, 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 -spokegroup. Observational (Unnormalized) Medians for Comparable Groups (In USD million)

| Category               |     |         Market 
 Capitalization |     | Enterprise 
      Value |
| Hub-and-Spoke          |     |          2,920 |     |      3,412 |
| Immuno-Oncology (I/O)  |     |            229 |     |        193 |
| Regenerative (DMOAD)   |     |            273 |     |        283 |
| I/O and DMOAD combined |     |            502 |     |        476 |

•Valuation for the Business Combination: $244,612,136 •Indicative discount against comparables (EV): 51.2% approximately •Indicative discount against “Target Values” (EV): 92.8% approximately

180 Conclusion of Comparable Company Analysis The companies included in the comparable company analysis operate in the broadly defined industries in which the OSR Holdings subsidiaries operate and therefore the BLAC M&A Committee believes that the selected companies provide a relevant basis to evaluate the fairness of the Business Combination, from a financial point of view, to BLAC and its stockholders. The selected companies generally had product candidates that were farther along in their development or had revenue producing drugs whereas OSR Holdings’ subsidiaries are primarily pre -revenue. The BLAC M&A Committee believed that it was important to consider both quantitative and qualitative information in its analysis of OSR Holdings versus comparable companies. With respect to quantitative information, the BLAC M&A Committee reviewed the selected companies’ total market capitalization and total enterprise value in its analysis. Additionally, with respect to qualitative information, the BLAC M&A Committee reviewed the operational, business and/or financial characteristics of OSR Holdings and the selected companies to provide a context in which to consider the results of the quantitative analysis. In its review of qualitative information, OSR Holdings’ hub -and -spokeplatform, disruptive nature, strong barriers to competitive entry, management team, product pipeline, and total addressable market were key qualitative factors. The BLAC M&A Committee considered this analysis in concluding that the Business Combination is advisable, fair to,