Company: OSRH
Filing Date: 2025-01-23
Form Type: CORRESP
Source: 0001213900-25-006143
Chunk: 3

Company: OSR Holdings, Inc.
Filing Date: 2025-01-23
Form: CORRESP
Chunk 3
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 such as the postponements in projected launch dates; and (iii) global macroeconomic changes, including (a) fluctuations           
 in GDPs that directly impact pricing estimates, and (b) the changes in the discount rate, influenced by rising interest rates. Evolving          
 investor sentiment was also considered, ensuring the financial model aligns with present economic realities.” Please clarify how                 
 the removal of the COVID-19 program and the neoantigen program impacted projected revenues and shifted resource allocation within Vaximm,        
 quantifying changes where appropriate, and briefly discuss how project launch dates were postponed, including dates or lengths of postponements. 
 Please also clarify how fluctuations in GDPs, changes in the discount rate, and evolving investor sentiment directly impacted OSR. Finally,      
 we note your disclosure on page 205 that “Choloc and the BLAC M&A Committee believe that the foregoing assumptions and business                  
 case remain largely unchanged because RMC’s sales channels remain stable, and the product portfolio is still aligned with the original           
 assumptions.” Please clarify whether this disclosure takes into account the Penumbra termination.                                                |

Response:
In response to the Staff’s comment, the Company has revised the disclosures beginning on pages 176 and 189 of the Form S-4 to
provide the requested information.

| 7. | We note your response to comment 10, including the revised                                                                               
 disclosure on page 268 regarding the VXM01 phase I/II clinical trial that “[t]here was 1 (one) AE reported as leading to discontinuation 
 of the study treatment, which was recorded after the first 5 weeks of treatment, and thus not reported as TLT,” and that “the            
 majority of SAEs were target disease-related rather than treatment-related.” Please revise to further discuss the one reported AE        
 leading to discontinuation of the study treatment, and discuss the SAEs that were treatment-related.                                     |

Response:
In response to the Staff’s comment, the Company has revised the disclosures beginning on page 248 of the Form S-4 to
provide the requested information.

| 8. | We note your response to comment 11. Please remove references                                                                        
 to your product candidates demonstrating safety and efficacy if they have not received regulatory approvals. We note that safety and 
 efficacy are determinations that are solely within the authority of the FDA or similar foreign regulators.                           |

Response: In response to the Staff’s
comment, the Company has revised the Form S-4 to remove all such references,