Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 270

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 270
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 to Darnatein included 3 publicly -tradedand a dozen “venture -backed” private companies. Of the 15 identified companies, OSR Holdings further employed a very explicit selection criteria limiting the market comparable companies to those developing disease -modifyingosteoarthritis drugs (DMOADs) only. This distinction objectively differs from the existing standard of care approaches such as joint replacement surgery or symptomatic therapies to reduce pain. According to a National Library of Medicine (NLM) publication, “Latest Insights in Disease -modifyingOsteoarthritis Drugs Development 1”, only 4 companies (Merck KGaA, Galapagos, BioSplice Therapeutics (formerly Samumed), and Kolon TissueGene) were identified as comparable to Darnatein conducting mid -to -latestage clinical trials developing potential DMOADs. OSR Holdings did not consider Merck KGaA and Galapagos as direct comparable companies because Merck is a major global pharma company with diverse pipelines and Galapagos has abandoned their DMOAD therapy after failed clinical trials. Among the public companies analyzed, Medipost (KOSDAQ: 078160) is the only company with an approved and commercially available DMOAD stem cell treatment in Korea. Approval was granted in 2012 by the Ministry of Food and Drug Safety of Korea. Medipost holds a market capitalization of approx. $175 million as of April 2024. ____________ 1Published online on May 13, 2023 on PubMed Central operated by National Library of Medicine 158 Kolon TissueGene’s (KOSDAQ: 950160) lead DMOAD candidate is currently in Phase 3 clinical trials and serves as the primary driver of their current $750 million market capitalization as of March 2024. Carmell Therapeutics (NASDAQ: CMTX) had advanced a lead DMOAD candidate for bone and cartilage regeneration and healing into Phase 2 clinical trials at the time of an announced SPAC merger with Alpha Healthcare Acquisition Corp III with a valuation of $150 million. Additionally, among the many private companies assessed and categorized as a DMOAD company according to the NLM publication, the most notable company comparable is Biosplice Therapeutics (formerly Samumed). Biosplice Therapeutics is developing small -moleculeDMOAD therapeutics that recently completed its Phase 3 clinical trials for the treatment of osteoarthritis. According to publicly available information from Deal