Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 315

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 315
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 from the oncology database. 2.Size of Addressable Market Ghilin took a highly conservative approach by assuming that the size of the addressable market for Vaximm’s drug candidates won’t grow and will maintain its “status -quo” after the observed data from 2017 while AF and OSR Holdings used a more realistic assumption that the size of the pharmaceutical market for each of Vaximm’s target indications will grow over the period analyzed. 3.Market Dominance Profile Through comparative analysis, Choloc’s, Ghilin’s and AF’s analyses were based on different pharmaceutical product life cycles (also referred to as “market dominance profile”) which can be visualized (with some simplification) as follows: First, industry statistics suggest that it takes approximately 5 to 7 years to reach peak sales from product launch, which is consistent with the assumptions made in both the Ghilin and AF Models. However, the peak sales period was shorter in the Ghilin model, which assumed 4 years (vs. 6 years in the AF model) before the product faces patent expiration and generic competition. In Choloc’s view, both assumptions are reasonable and consistent with industry data 11for biologics marketing exclusivity of approximately 12 years (counting from marketing approval by the FDA), but the Ghilin model didn’t reflect that the marketing exclusivity for the biologics in oncology (or “oncologics”) continued to generate significant revenues even after the end -of -marketexclusivity, therefore the assumption of 2 years for the product revenues to decline from the peak to bottom appears to be highly conservative in light of industry data 12for the biologics in oncology. For RMC, Choloc reviewed the adequacy of the key assumptions taken by Ghilin’s DCF model, including projections, and concluded that the assumptions used are reasonable for a company such as RMC, despite the age of the Ghilin report, based on the fact that the relevant assumptions and business case remained largely unchanged. ____________ 11allucent.com (“Types of Marketing Exclusivity in Drug Development”) 12Jamanetwork.com (“Comparison of Sales Income and R&D Costs for FDA -approvedCancer Drugs”) 188 Choloc and the BLAC M&A Committee believes that the foregoing assumptions and business case remain largely unchanged because RMC’s sales channels remain stable. The BLAC M&A Committee reached this conclusion because it believes that