Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 907

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 907
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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/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         
 Capital