Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 300

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 300
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M (6 months)     |     | 53.4M         |
| VXM01 monotherapy                 |     | Schwannoma NF2 |     | Q2 2020               |     | —           |     | 0.67M (50 months)  |     | Ultra-orphan      |     | Accelerated approval |     | 0.67M         |
| VXM Platform, 4 programs          |     | Oncology       |     | 1st program – Q4 2022 |     | 0.5M        |     | 3.3=7M (25 months) |     | 46.3M (36 months) |     | 3.36M (12 months)    |     | 53.9M         |

Development Risks The Avance report calculated the development risks based on the BIO meta -studyevaluating a total of 9,985 clinical and regulatory phase transitions from 7,455 development programs, across 1,103 companies. Based on these data, an overall chance of approval of 5% has been taken into account.

| Program |     | Preclinical* |   |     | Phase 1 |   |     | Phase 2 |   |     | Phase 3 |   |     | Approval |   |     | Overall |   |
| VXM01   |     |          100 | % |     |      63 | % |     |      25 | % |     |      40 | % |     |       82 | % |     |       5 | % |

____________ *(Preclinical to Phase 1 transition statistics are not part of the BIO study. If a study has been initiated or is in advanced planning, the Report assumed 100%). Given the firm’s research and comparable data, and the stage of the company’s eyeing a possible IPO, Avance has taken a discount rate of 12% into account for the purpose of building its valuation model on Vaximm.

177

The BLAC M&A Committee took note of the foregoing analyses and assumptions, and considered the differences to Vaximm’s business and prospects under OSR Holdings ownership. Nevertheless, the BLAC M&A Committee considered the foregoing analyses, among its other diligence findings, and concluded that such analyses serve as a useful basis and a benchmark to consider upon its own findings. BLAC M&A Committee’s Consideration of Certain Third-Party Valuation Reports Although the