Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 271

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 271
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 reduce reliance on BLAC’s investment budget. Mr. Hwang reported that from BLAC’s perspective as a SPAC searching for a target for a business combination, the biotech holding company model as observed with Roivant was attractive because it would allow for risk -sharingbetween BLAC and public investors by providing the latter with the ability to selectively invest in particular subsidiaries, with the overall portfolio risk/return profile remaining with BLAC. OSR Holdings’ management agreed with the overall investment thesis explained by Mr. Hwang on behalf of BLAC, based on its own research, and indicated that OSR Holdings management would be agreeable to the proposed business combination if the per -sharevaluation of OSR Holdings could be maintained, if not raised, at the same level from the price that was used in the share exchange transactions with all three subsidiaries which had taken place from December 2022 to February 2023. Mr. Hwang acknowledged OSR Holdings members’ statements on this matter. Another issue discussed during this video conference was OSR Holdings’ potential acquisition of LBV, and the impact the acquisition would have on current OSR Holdings’ members in terms of corporate structure, post -mergerintegration, roles and responsibilities between the two groups following the potential business combination of OSR Holdings with BLAC. Mr. Hwang explained that BLAC envisioned the current Korean entity of OSR Holdings to continue as a Corporate Development Headquarter of the Combined Company. OSR Holdings members accepted and agreed with this plan for corporate structure development. July 6, 2023 On July 6, 2023, the BLAC M&A Committee met via video conference to discuss the proposed valuation of OSR Holdings. The BLAC M&A Committee was of the opinion that it could approve the valuation on the condition that a third -partyvaluation firm with an established track record and expertise in global biopharmaceutical transactions and licensing deals would provide a fairness opinion supporting the transaction as fair from a financial perspective to the stockholders of BLAC. In order to expedited the proposed business combination, it was recommended that the BLAC M&A Committee expedite its process of identifying and engaging a capable, independent firm with biopharmaceutical experience and expertise as the fairness opinion advisor. Mr. Hwang, representing BLAC, relayed the BLAC M&A Committee’s decision to OSR Holdings members. 160

July 7, 2023 On July 7, 2023, OSR Holdings and LBV entered into a Non -Binding