Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 909

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 909
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/or intellectual property revenues. Consequently, for each company, we computed the taxes either based on the expected corporate tax rate (i.e., revenues generated from selling services and/or products) or IP-specific tax rate (i.e., in case of renting IP like in licensing). Guideline Public Company Method We reviewed a comparable company analysis provided by the M&A Committee, which was prepared in collaboration with OSR Holdings. The comparable company analysis included 28 publicly traded companies (reinforced with 2 additional private-stage companies due to the importance of them in their respective categories) of which there are three categories to compare against which are i) Hub-and-Spoke model; ii) Immuno-Oncology and ii) Regenerative Medicines. Upon reviewing the analysis, we considered the relatively larger market values of the companies belonging to the Hub-and-Spoke category, as compared to the market values of the companies belonging to the other two groups, as being attributed to by the nature of the Hub-and-Spoke constituent companies’ ownerships in their own portfolios of multiple subsidiaries and assets. In the dataset provided to us, the median values for the immune-oncology and the regenerative medicine groups are $270 million and $438 million respectively, while the median for the hub-and-spoke group was $3.52 billion. The following table includes information on the comparable company analysis provided by the M&A Committee.

| ($ in Millions)                   
 A. Hub and Spoke Companies        |     | Comparable Companies 
 Total Market         
 Capitalization(1)    |        |     | Total Enterprise 
 Value            |        |
|:----------------------------------|:----|:---------------------|-------:|:----|:-----------------|-------:|
| Roivant Sciences                  |     | $                    |  8,494 |     | $                |  3,242 |
| BridgeBio Pharma                  |     |                      |  5,860 |     |                  |  6,654 |
| Centessa Pharmaceuticals          |     |                      |  1,183 |     |                  |    816 |
| Fortress Biotech                  |     |                      |     38 |     |                  |     -6 |
| Nimbus Therapeutics(2)            |     |                      | 10,000 |     |                  | 10,000 |
| PureTech Health                   |     |                      |    781 |     |                  |    413 |
| Peer-Group A Median               |     | $                    |