Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 294

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 294
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 The absence of these programs led to reallocation of resources primarily to support the development of new drug candidates in the pipeline, although for valuation purposes, no new drug candidates were considered due to their nascent stages; (ii) changes in the timelines set forth in the report, such as the postponements in projected launch dates of 6 -7years which is a more conservative assumption in view of the 3 -yeartime difference between the Avance report and the BLAC M&A Committee’s consideration on Vaximm due to difficulties in recruiting patients during COVID -19, restructuring of the company from OSR’s acquisition of Vaximm, and additional time taken for OSR Holdings to consummate the Business Combination since OSR Holdings’ acquisition of Vaximm. The delay necessitated certain pipeline programs to restart the ongoing trials, leading to prolonged commercial launch dates. For instance, VXM -01GBM program that was going through 1/2a trial originally slated for a Q1 2025 commercial launch was delayed by 7 years to Q1 2032; and (iii) global macroeconomic changes, including (a) increase in GDPs that led to higher pricing estimates, and (b) the changes in the discount rate, influenced by rising interest rates. These factors gave effect to the net present value (NPV) of Vaximm, where the reduction in NPV due to the increased discount rate was offset in part by the increased revenue forecast from higher pricing. Evolving investor sentiment was also considered by adjusting the market risk premium, which, though modest, ensures the financial model aligns with present economic realities. The BLAC M&A Committee took into consideration the fact that Vaximm has had difficulties in recruiting patients for its clinical studies which, coupled with the current fundraising environment for clinical -stagebiopharmaceutical companies, has resulted in stagnant business development between the preparation of the Avance report and now. The BLAC M&A Committee noted the major assumptions used in the Avance valuation report, including those relevant to VXM01, Vaximm’s lead asset, which were presented as follows: Target Indication: Recurrent Glioblastoma (rGBM), Addressable Market & Market Share •GlobalData research indicates that by 2025 sales in the recurrent glioblastoma market are estimated to amount to $6.1B. •Incident cases of GBM are allocated to China (urban) with approximately 40%. Therefore Avance allocated 40% of these