Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 304

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 304
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-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, and in the best interests of BLAC and its stockholders, subject to the condition of receipt of a fairness opinion that finds the Business Combination is fair, from a financial point of view, to BLAC and its stockholders. IPO Investment Criteria As noted above, BLAC identified various criteria and guidelines to use in evaluating