Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 295

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 295
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 sales to China ($2.4B) and the remainder ($3.6B) to ROW (Rest of the World). •With an expected average growth rate (AGR) of 2% for ROW, this would lead to an $4.2B addressable market in ROW. •For China, a 4% AGR is predicted leading to a $3.2B addressable market for China by 2037. •The report assumed VXM01 to be a best -in-classdrug that is launched more than 5 years after the first -in-classdrug which would lead to a predicted market share of 17%. •In line with historic data of oncology cancer therapeutics, the report modeled an adoption curve to peak sales of 7 years. 176

•With sales starting in 2025, estimated peak sales of $1.2B by 2032 divided over ROW ($700M) and China ($500M). GBM Market Competition •Only three therapeutic products are approved for the treatment of GBM: Temodar (TMZ) from Merck, Gliadel implants from Eisai/Azurity, and Avastin for rGBM from Roche. •There is a high unmet need in this indication and several companies are active in the space. The late -stagepipeline is dominated by immunotherapies and targeted therapies. There is a high failure rate due to the nature of the disease. GBM Market Uptake •Based on development timelines, VXM01 (in combination) will enter the market for rGBM in early 2026. A market share of 17%, matching a first -in-classtherapeutic profile with time to market of >5 years since first -in-class, is achievable based on benchmarks. •A launch curve of 7 years is modeled based on historic data from oncology products (Zytiga & Xtandi). Development Costs and Timelines Development costs and timelines are based on estimates by Vaximm’s management and reflect the best estimate at the time of analysis. Costs are in million and were originally stated in Euro and converted to U.S. Dollars at the exchange rate in effect on June 30, 2022 of 1:1.0447. The below formed the basis for our modelling. For purposes of the valuation, two of the early stage pipeline projects were assumed to advance in the relevant planning horizon.

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