Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 908

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 908
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 are two major classes of stakeholders, debtholders/bondholders, and stockholders. Both require compensation for the risk of their investment into a company. We reviewed the weighted average cost of capital (WACC) calculations used by AF for adequacy of the assumptions and adopted the information as provided in AF’s valuation models on Vaximm and Darnatein as follows: WACC calculation for Darnatein Annex I-12 WACC calculation for Vaximm Determination of other inputs In connection with this rNPV valuation work, our investigation and analysis included, but were not limited to the following: •Reputable industry databases, including Globaldata; •Reputable literature in the biopharma sector or regarding listed companies, including but not limited to publications from the Tufts University, the HBR (Harvard Business Review), publications edited by specialty editors such as Nature, The Lancet or Frontiers, and news and reports from specialty news providers in the biotech industry including but not only limited to Fierce Biotech, Endpoints News or Medscape; •Reports published by biotech associations and public research institutes notably, but not only, the BIO in the United States, the Swiss Biotech Association and Korea Health Industry Development Institute; •Publicly available information from other biotech, large biopharma companies, early-stage venture funds and specialty consultancies, listed and privately held, including but not limited to companies´ website content, reports and posters, press releases and SEC filings; •Broker notes and thematic publications from investment banks covering the biotech sector; Annex I-13

•Information, analysis and forecasts made available by OSR based on typical list of required information in view of a fairness opinion in the biotech sector; •In-field exposure and experience of Choloc to early and clinical stage biotech sector; •Exchange rates to convert all inputs into USD, notably EUR/USD, CHF/USD, and KRW/USD; •Other sources of research and inquiries, as we deemed necessary and appropriate under the circumstances. Taxes At this stage, the majority of OSR’s subsidiaries, except for RMC, are pre-revenue R&D stage and it is uncertain whether they will ever generate profits. Nonetheless, taxes are accounted for in the valuation. Taxes have been computed at company level, based on the currently known or expected headquarter country/region and depending on the conduction strategy of the assets. Some countries and regions have set specific tax rates for companies with R&D intensive companies and