Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 299

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 299
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 approach regarding the observational and normalized analyses on the comparable companies. Finally, the BLAC M&A Committee calculated a “sum of the parts” valuation between I/O (representing Vaximm’s comparables) and DMOAD (representing Darnatein’s comparables) as a direct comparable to the current business portfolio of OSR Holdings consisting of Vaximm and Darnatein by adding the two together. Normalized Medians for Comparable Groups (excluding LigaChem and BioSplice) (In USD million)

| Category                      |     |         Market 
 Capitalization |     | Enterprise 
      Value |
| Hub-and-Spoke (Target Values) |     |          5,136 |     |      6,327 |
| Immuno-Oncology (I/O)         |     |            193 |     |        140 |
| Regenerative (DMOAD)          |     |            109 |     |        119 |
| I/O and DMOAD combined        |     |            302 |     |        259 |

•Valuation for the Business Combination: $244,612,136 •Indicative discount against comparables (I/O + DMOAD): 25.8% approximately •Indicative discount against “Target Values”: 96.1% approximately ____________ *Excluded companies for normalization: Fortress Biotech, Immatics, Arcus Biosciences, LigaChem Biosciences and Biosplice Therapeutics Of note, Fortress Biotech, the outlier in the hub -and-spokegroup, is disproportionately smaller in values compared to the other datapoints. This has been excluded for normalization purpose, which rendered the normalized median values to be greater than the observational medians for market capitalization and EV for the hub -and-spokegroup. Observational (Unnormalized) Medians for Comparable Groups (In USD million)

| Category               |     |         Market 
 Capitalization |     | Enterprise 
      Value |
| Hub-and-Spoke          |     |          2,920 |     |      3,412 |
| Immuno-Oncology (I/O)  |     |            229 |     |        193 |
| Regenerative (DMOAD)   |     |            273 |     |        283 |
| I/O and DMOAD combined |     |            502 |     |        476 |

•Valuation for the Business Combination: $244,612,136 •Ind