Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 296

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 296
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 (so called “Plug and Play” adaptability). Therefore, the BLAC M&A Committee concluded that it is important to consider the potential value of the Vaximm platform technology. The BLAC M&A Committee also noted that the 2020 valuation report from Avance, although outdated by 3 years, still presents a meaningful data point to consider with respect to Vaximm’s valuation given the global pandemic which consumed almost 3 years between the publication of the report and their review thereof. In light of the age of the report, the BLAC M&A Committee considered (i) changes to the underlying assumptions in the report, including the removal of the COVID -19(VXM COVID -19) program and the neoantigen program (VXM NEO) from Vaximm’s pipeline, which accounted for approximately 11.5% and 6.7%, respectively, of Vaximm’s pipeline value as indicated in the original Avance model. The absence of these programs led to reallocation of resources primarily to support the development of new drug candidates in the pipeline, although for valuation purposes, no new drug candidates were considered due to their nascent stages; (ii) changes in the timelines set forth in the report, such as the postponements in projected launch dates of 6 -7years which is a more conservative assumption in view of the 3 -yeartime difference between the Avance report and the BLAC M&A Committee’s consideration on Vaximm due to difficulties in recruiting patients during COVID -19, restructuring of the company from OSR’s acquisition of Vaximm, and additional time taken for OSR Holdings to consummate the Business Combination since OSR Holdings’ acquisition of Vaximm. The delay necessitated certain pipeline programs to restart the ongoing trials, leading to prolonged commercial launch dates. For instance, VXM -01GBM program that was going through 1/2a trial originally slated for a Q1 2025 commercial launch was delayed by 7 years to Q1 2032; and (iii) global macroeconomic changes, including (a) increase in GDPs that led to higher pricing estimates, and (b) the changes in the discount rate, influenced by rising interest rates. These factors gave effect to the net present value (NPV) of Vaximm, where the reduction in NPV due to the increased discount rate was offset in part by the increased revenue forecast from higher pricing. Evolving investor sentiment was also considered by adjusting the market risk premium, which