Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 291

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 291
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DMO business. 3)Research and Development (R&D) •Establishing R&D Centers: Large Korean companies are setting up dedicated R&D centers focusing on biotechnology and healthcare. These centers aim to drive innovation and support the development of new products and solutions. •Collaboration with Academia: Partnerships with universities and research institutions are common, fostering innovation through collaborative research projects and access to academic expertise. 172

4)Government Support and Regulation •Incentives and Funding: The Korean government provides various incentives and funding programs to support biotech and healthcare innovations, encouraging private sector investment. •Regulatory Environment: Efforts to streamline regulatory processes and provide a supportive framework for biotech development are ongoing, helping attract more investment in the sector. Fair Market Value OSR Holdings Indicative Valuation Reports In connection with diligence performed by BLAC, OSR Holdings provided certain valuation reports that were considered by BLAC, among the other materials described herein, in its decision to pursue a business combination with OSR Holdings. The indicative values contained in such reports, as reported on each subsidiary, can be summarized as follows:

| Company| (Domicile)                                   
 Vaximm (Switzerland)                                  
 Darnatein (Korea)                                     |     | Valuation by:           
 Ghilin Accounting Corp. 
 Ghilin Accounting Corp. |     | Date of Report   
 December 5, 2022 
 December 5, 2022 |     | Methodology used:           
 Discounted Cash Flow (rNPV) 
 Discounted Cash Flow (rNPV) |     | Indicative Value1                     
 USD 104.6 million                     
 KRW 176.5 billion (USD 136.4 million) |
|:------------------------------------------------------|:----|:------------------------|:----|:-----------------|:----|:----------------------------|:----|:--------------------------------------|
| RMC (Korea)                                           |     | Ghilin Accounting Corp. |     | January 13, 2023 |     | Discounted Cash Flow        |     | KRW 12.3 billion (USD 9.5 million)    |
| Sum of the Parts:                                     
 (Exchange rate: KRW1,294.53 per USD as of 12/29/2023) |     |                         |     |                  |     |                             |     | KRW 324.2 billion (USD 250.5 million) |

1: The valuation consultants