Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 296

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 296
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 |     | 3.36M (12 months)    |     | 53.9M         |

Development Risks The Avance report calculated the development risks based on the BIO meta -studyevaluating a total of 9,985 clinical and regulatory phase transitions from 7,455 development programs, across 1,103 companies. Based on these data, an overall chance of approval of 5% has been taken into account.

| Program |     | Preclinical* |   |     | Phase 1 |   |     | Phase 2 |   |     | Phase 3 |   |     | Approval |   |     | Overall |   |
| VXM01   |     |          100 | % |     |      63 | % |     |      25 | % |     |      40 | % |     |       82 | % |     |       5 | % |

____________ *(Preclinical to Phase 1 transition statistics are not part of the BIO study. If a study has been initiated or is in advanced planning, the Report assumed 100%). Given the firm’s research and comparable data, and the stage of the company’s eyeing a possible IPO, Avance has taken a discount rate of 12% into account for the purpose of building its valuation model on Vaximm.

177

The BLAC M&A Committee took note of the foregoing analyses and assumptions, and considered the differences to Vaximm’s business and prospects under OSR Holdings ownership. Nevertheless, the BLAC M&A Committee considered the foregoing analyses, among its other diligence findings, and concluded that such analyses serve as a useful basis and a benchmark to consider upon its own findings. BLAC M&A Committee’s Consideration of Certain Third-Party Valuation Reports Although the BLAC M&A Committee considered the third -partyvaluation analyses provided by OSR Holdings in connection with its decision to approve the Business Combination, the BLAC M&A Committee took into account the fact that these reports were (i) not recently prepared, (ii) were not prepared giving effect to, or with regard to, the Business Combination, and (iii) were not prepared for, or delivered directly to, the BLAC M&A Committee. The BLAC M&A Committee considered the information along with the totality of information provided to the BLAC M&A Committee in connection with its diligence of OSR Holdings, and did not ascribe any particular or special weight to the third -partyvaluation reports. Comparable Company