Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 307

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 307
---
 did not address any legal, regulatory, tax, or accounting matters. Choloc’s opinion is not intended to and will not constitute a recommendation to the BLAC stockholders as to how such stockholders should vote or act with respect to the transactions contemplated by the Business Combination Agreement or any matter relating thereto. With respect to the bullets listed below and in connection with rendering its opinion, although Choloc considered internal information provided to it with respect to the business, earnings, cash flow, assets and liabilities of OSR Holdings and discussions conducted with the management and representatives of OSR Holdings, Choloc is relying on financial models prepared by the Korean affiliate of a global accounting firm (“AF”) and Ghilin Accounting Corp. (“Ghilin”) that served as the basis for its analysis set forth herein and the opinion it rendered to the BLAC M&A Committee. In connection with its opinion, Choloc: •reviewed certain internal information relating to the business, earnings, cash flow, assets and liabilities of OSR Holdings furnished to Choloc by the BLAC M&A Committee; •reviewed the final prospectus of BLAC dated February9, 2023 (the “Prospectus”) contained in the Registration Statement on Form S -1of BLAC as filed with the U. S. Securities and Exchange Commission (Reg. No. 333 -264597); •reviewed the Q1 2024 OSR Holdings Company Overview; •reviewed financial projection models (rNPV analysis) prepared by AF for Vaximm, dated May20, 2024; •reviewed financial projection models (rNPV analysis) prepared by AF for Darnatein, dated May20, 2024; •reviewed Ghilin Accounting Corp.’s discounted cash flow analysis and valuation model for RMC, dated January13, 2023; •researched and analyzed recent transaction activity in the biopharmaceutical industry, including asset and equity transactions, tech access transactions, collaborations, and licensing deals, which are relevant to the assets, subsidiaries and business model of OSR; •researched and analyzed materials concerning sales analogs of marketed drugs specific to the assets, subsidiaries and business model of OSR; •reviewed and analyzed material made available to Choloc by OSR, including, for each OSR Holdings subsidiary, scientific data concerning OSR Holdings’ and its subsidiaries’ assets, intellectual property information, business model information, information on competitive landscape, research and development efforts,