Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 312

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 312
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 in the AF model) before the product faces patent expiration and generic competition. In Choloc’s view, both assumptions are reasonable and consistent with industry data 11for biologics marketing exclusivity of approximately 12 years (counting from marketing approval by the FDA), but the Ghilin model didn’t reflect that the marketing exclusivity for the biologics in oncology (or “oncologics”) continued to generate significant revenues even after the end -of-marketexclusivity, therefore the assumption of 2 years for the product revenues to decline from the peak to bottom appears to be highly conservative in light of industry data 12for the biologics in oncology. For RMC, Choloc reviewed the adequacy of the key assumptions taken by Ghilin’s DCF model, including projections, and concluded that the assumptions used are reasonable for a company such as RMC, despite the age of the Ghilin report, based on the fact that the relevant assumptions and business case remained largely unchanged. ____________ 11allucent.com (“Types of Marketing Exclusivity in Drug Development”) 12Jamanetwork.com (“Comparison of Sales Income and R&D Costs for FDA -approvedCancer Drugs”) 188 Choloc and the BLAC M&A Committee believes that the foregoing assumptions and business case remain largely unchanged because RMC’s sales channels remain stable. The BLAC M&A Committee reached this conclusion because it believes that RMC’s active relationships with the large hospital and clinic clients nationwide in Korea will allow RMC to generate operating leverage on its distribution network by substituting new medical device and supply products which were deemed to be reasonably available following the closing of the Business Combination. While sales in 2025 are likely to decline due to the Penumbra contract termination, RMC has the capability of adding new supplier relationships to expand RMC’s product portfolio for the hospitals and clinics who are actual customers and with whom RMC retains relationships. In connection with Choloc’s services as a financial advisor to the BLAC M&A Committee, BLAC agreed to pay Choloc an aggregate fee of $45,000. In addition, BLAC has agreed to reimburse certain of Choloc’s expenses arising, and to indemnify Choloc against certain liabilities that may arise, out of Choloc’s engagement. None of Choloc’s fee was contingent on the consummation of the Business Combination. In the two -yearperiod prior to the date of Choloc’s