Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 301

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 301
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ization and EV disproportionately larger than the other data points in the respective group. For instance, LigaChem Biosciences in the I/O group shows its market capitalization near $886 million and EV almost $1 billion, which is far greater than the values of most other comparables in the group. In the DMOAD group, Biosplice Therapeutics demonstrates values that are disproportionately greater than the rest of the group with an indicated private -marketequity valuation of $12 billion. Those outliers are the companies in very advanced phases of clinical developments in their respective field of treatments and should therefore be relevant as target valuations for OSR Holdings if and when OSR Holdings reaches the later stages of its pipeline development. However, to take a more conservative approach, the BLAC M&A Committee excluded the outliers from each dataset and compared the outcomes (the normalized market capitalizations and EVs) against the “observational analyses” with the outliers included. This way, the BLAC M&A Committee has taken a conservative 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