Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 297

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 297
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, though modest, ensures the financial model aligns with present economic realities. The BLAC M&A Committee took into consideration the fact that Vaximm has had difficulties in recruiting patients for its clinical studies which, coupled with the current fundraising environment for clinical -stagebiopharmaceutical companies, has resulted in stagnant business development between the preparation of the Avance report and now. The BLAC M&A Committee noted the major assumptions used in the Avance valuation report, including those relevant to VXM01, Vaximm’s lead asset, which were presented as follows: Target Indication: Recurrent Glioblastoma (rGBM), Addressable Market & Market Share •GlobalData research indicates that by 2025 sales in the recurrent glioblastoma market are estimated to amount to $6.1B. •Incident cases of GBM are allocated to China (urban) with approximately 40%. Therefore Avance allocated 40% of these sales to China ($2.4B) and the remainder ($3.6B) to ROW (Rest of the World). •With an expected average growth rate (AGR) of 2% for ROW, this would lead to an $4.2B addressable market in ROW. •For China, a 4% AGR is predicted leading to a $3.2B addressable market for China by 2037. •The report assumed VXM01 to be a best -in -classdrug that is launched more than 5 years after the first -in -classdrug which would lead to a predicted market share of 17%. •In line with historic data of oncology cancer therapeutics, the report modeled an adoption curve to peak sales of 7 years. 176

•With sales starting in 2025, estimated peak sales of $1.2B by 2032 divided over ROW ($700M) and China ($500M). GBM Market Competition •Only three therapeutic products are approved for the treatment of GBM: Temodar (TMZ) from Merck, Gliadel implants from Eisai/Azurity, and Avastin for rGBM from Roche. •There is a high unmet need in this indication and several companies are active in the space. The late -stagepipeline is dominated by immunotherapies and targeted therapies. There is a high failure rate due to the nature of the disease. GBM Market Uptake •Based on development timelines, VXM01 (in combination