Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 301

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 301
---
 BLAC M&A Committee considered the third -partyvaluation analyses provided by OSR Holdings in connection with its decision to approve the Business Combination, the BLAC M&A Committee took into account the fact that these reports were (i) not recently prepared, (ii) were not prepared giving effect to, or with regard to, the Business Combination, and (iii) were not prepared for, or delivered directly to, the BLAC M&A Committee. The BLAC M&A Committee considered the information along with the totality of information provided to the BLAC M&A Committee in connection with its diligence of OSR Holdings, and did not ascribe any particular or special weight to the third -partyvaluation reports. Comparable Company Analysis In connection with OSR Holdings’ ongoing strategy of building a portfolio of subsidiaries and the ongoing need for various financings in order to execute its strategy, the OSR Holdings management team developed, and maintained over time, a list of comparable companies, which it used to benchmark its valuation. In connection with its due diligence, the BLAC Board obtained the list of comparable companies provided by the OSR Holdings management team, which it then provided to the BLAC M&A Committee upon its formation. In connection with its due diligence efforts, the BLAC M&A Committee collaborated with the OSR Holdings management team to prepare a more fulsome analysis of the comparable companies for the BLAC M&A Committee to consider before approving the Business Combination Agreement. In doing so, the BLAC M&A Committee reviewed and compared certain financial and operating information relating to OSR Holdings to corresponding publicly available information for 28 publicly traded companies (reinforced with 2 additional private -stagecompanies due to their importance in their respective categories). The BLAC M&A Committee considered the following three categories of companies as the most meaningful for the purpose of the OSR Holdings comparable company analysis: i) Hub -and-Spoke; ii) Immuno -Oncology; and iii) Regenerative Medicines. The BLAC M&A Committee considered the relatively larger market values of the companies belonging to the Hub -and-Spokecategory, as compared to the market values of the companies belonging to the other two groups, as being attributed to the nature of the Hub -and-Spokeconstituent companies’ ownerships in their own portfolios of multiple subsidiaries and assets. The median market capitalization values for the immuno -oncologyand the regenerative medicine groups were $229 million and $273 million respectively, while the median for the hub -and-spoke