Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 300

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 300
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icative discount against comparables (EV): 51.2% approximately •Indicative discount against “Target Values” (EV): 92.8% approximately

180 Conclusion of Comparable Company Analysis The companies included in the comparable company analysis operate in the broadly defined industries in which the OSR Holdings subsidiaries operate and therefore the BLAC M&A Committee believes that the selected companies provide a relevant basis to evaluate the fairness of the Business Combination, from a financial point of view, to BLAC and its stockholders. The selected companies generally had product candidates that were farther along in their development or had revenue producing drugs whereas OSR Holdings’ subsidiaries are primarily pre -revenue. The BLAC M&A Committee believed that it was important to consider both quantitative and qualitative information in its analysis of OSR Holdings versus comparable companies. With respect to quantitative information, the BLAC M&A Committee reviewed the selected companies’ total market capitalization and total enterprise value in its analysis. Additionally, with respect to qualitative information, the BLAC M&A Committee reviewed the operational, business and/or financial characteristics of OSR Holdings and the selected companies to provide a context in which to consider the results of the quantitative analysis. In its review of qualitative information, OSR Holdings’ hub -and-spokeplatform, disruptive nature, strong barriers to competitive entry, management team, product pipeline, and total addressable market were key qualitative factors. The BLAC M&A Committee considered this analysis in concluding that the Business Combination is advisable, fair to, and in the best interests of BLAC and its stockholders, subject to the condition of receipt of a fairness opinion that finds the Business Combination is fair, from a financial point of view, to BLAC and its stockholders. IPO Investment Criteria As noted above, BLAC identified various criteria and guidelines to use in evaluating acquisition opportunities, but also noted that it may decide to enter into an initial business combination with a target business that did not meet all of some of these criteria and guidelines. The criteria and guidelines, among others, are highlighted by that BLAC would choose to enter into a business combination with a company that is well situated to act as a standalone public company, that has a novel platform with catalysts to drive shareholder value and for which there is opportunity for further value creation as a public company, through organic and inorganic growth. The BLAC M&A Committee considered these factors in its evaluation of OSR Holdings and determined that OSR Holdings was an attractive business combination target taking these criteria and guidelines into consideration. In addition to