Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 297

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 297
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Additional Valuation Information Obtained During Diligence Discussions between BLAC and OSR Holdings also included the valuation methodologies used in deriving the enterprise values of all three subsidiaries of OSR Holdings, but primarily Vaximm and Darnatein, the two drug development companies held by OSR Holdings. In reviewing valuation processes and results of these two main subsidiaries, the BLAC M&A Committee reviewed the risk -adjustednet present value (“rNPV”) models prepared by third -partyvaluation consultants (as described above) engaged by OSR Holdings for the acquisitions of Vaximm and Darnatein from December 2022 and March 2023, respectively. The rNPV analysis is the most commonly used valuation methodology in the life sciences industry for its advantages of being able to separate the risks innate to certain company and market from the risks associated with clinical trials and regulatory affairs.

175 While rNPV analysis is the “biopharma equivalent” of discounted cash flow (DCF) analysis, the BLAC M&A Committee also reviewed the market comparable analyses included in the same valuation reports on Vaximm and Darnatein. The BLAC M&A Committee considered such comparable company analyses as a meaningful way to compare Vaximm and Darnatein to their public market analogues. The BLAC M&A Committee took a balanced approach to its consideration of the historical information by taking a weighted average of the comparable company analyses and the rNPV analyses. In discussions with the BLAC M&A Committee, Mr. Hwang mentioned that Vaximm is not merely a biotech company with a drug development pipeline, but directly possesses its own platform technology underlying its pipeline which is based on a live attenuated bacterial vaccine strain. It is modified to stimulate patients’ immune response and the products are orally administered to initiate a systematic T -cellresponse in the gut. Vaximm’s platform technology can be adapted to target a wide range of cancer -relatedantigens (so called “Plug and Play” adaptability). Therefore, the BLAC M&A Committee concluded that it is important to consider the potential value of the Vaximm platform technology. The BLAC M&A Committee also noted that the 2020