Bellevue Life Sciences Acquisition Corp. Announces Approval of Business Combination Proposal And Name Change to OSR Holdings, Inc.
Bellevue Life Sciences Acquisition Corp. (BLAC) has received stockholder approval for its business combination with OSR Holdings Co., The transaction is expected to close on February 14, 2025, following foreign investment approval from the Industrial Bank of Korea. The company has changed its name to OSR Holdings, Inc. and will trade on Nasdaq under symbols 'OSRH' and 'OSRHW' starting February 18, 2025.
Post-transaction, OSR Holdings will own approximately 67% of OSR Holdings Co., , with agreements in place to acquire an additional 22% of shares through put/call provisions beginning in 2026. The company's portfolio includes a Phase 2 clinical stage company developing immunotherapies for oncology, an early clinical stage company focusing on degenerative diseases, and a medical device distributions company operating across the US, Europe, and South Korea.
Bellevue Life Sciences Acquisition Corp. (BLAC) ha ricevuto l'approvazione degli azionisti per la sua combinazione aziendale con OSR Holdings Co. La transazione dovrebbe chiudersi il 14 febbraio 2025, dopo l'approvazione degli investimenti esteri da parte della Industrial Bank of Korea. L'azienda ha cambiato il proprio nome in OSR Holdings, Inc. e inizierà a essere quotata su Nasdaq con i simboli 'OSRH' e 'OSRHW' a partire dal 18 febbraio 2025.
Dopo la transazione, OSR Holdings possiederà circa il 67% di OSR Holdings Co., con accordi in atto per acquisire un ulteriore 22% delle azioni attraverso disposizioni di put/call a partire dal 2026. Il portafoglio dell'azienda include una società in fase clinica 2 che sviluppa immunoterapie per l'oncologia, una società in fase clinica iniziale focalizzata sulle malattie degenerative e una società di distribuzione di dispositivi medici che opera negli Stati Uniti, in Europa e in Corea del Sud.
Bellevue Life Sciences Acquisition Corp. (BLAC) ha recibido la aprobación de los accionistas para su combinación empresarial con OSR Holdings Co. Se espera que la transacción se cierre el 14 de febrero de 2025, tras la aprobación de la inversión extranjera por parte del Industrial Bank of Korea. La empresa ha cambiado su nombre a OSR Holdings, Inc. y comenzará a cotizar en Nasdaq bajo los símbolos 'OSRH' y 'OSRHW' a partir del 18 de febrero de 2025.
Después de la transacción, OSR Holdings poseerá aproximadamente el 67% de OSR Holdings Co., con acuerdos para adquirir un 22% adicional de acciones a través de disposiciones de put/call a partir de 2026. El portafolio de la empresa incluye una compañía en etapa clínica 2 que desarrolla inmunoterapias para oncología, una compañía en etapa clínica temprana centrada en enfermedades degenerativas y una empresa de distribución de dispositivos médicos que opera en EE. UU., Europa y Corea del Sur.
벨뷰 생명과학 인수주식회사 (BLAC)는 OSR 홀딩스 주식회사와의 사업 결합에 대한 주주 승인을 받았습니다. 이 거래는 한국산업은행의 외국인 투자 승인을 받은 후 2025년 2월 14일에 마감될 것으로 예상됩니다. 회사는 OSR 홀딩스, Inc.로 이름을 변경했으며, 2025년 2월 18일부터 'OSRH' 및 'OSRHW' 기호로 나스닥에서 거래될 것입니다.
거래 후, OSR 홀딩스는 OSR 홀딩스 주식회사에서 약 67%를 소유하게 되며, 2026년부터 시작되는 풋/콜 조항을 통해 추가로 22%의 주식을 인수할 수 있는 계약이 체결되어 있습니다. 회사의 포트폴리오에는 종양학을 위한 면역 요법을 개발하는 2상 임상 단계 회사, 퇴행성 질환에 초점을 맞춘 초기 임상 단계 회사, 미국, 유럽 및 한국에서 운영되는 의료 기기 유통 회사가 포함되어 있습니다.
Bellevue Life Sciences Acquisition Corp. (BLAC) a reçu l'approbation des actionnaires pour sa combinaison d'affaires avec OSR Holdings Co. La transaction devrait se clôturer le 14 février 2025, après l'approbation des investissements étrangers par la Industrial Bank of Korea. L'entreprise a changé son nom en OSR Holdings, Inc. et commencera à être cotée sur le Nasdaq sous les symboles 'OSRH' et 'OSRHW' à partir du 18 février 2025.
Après la transaction, OSR Holdings possédera environ 67% d'OSR Holdings Co., avec des accords en place pour acquérir un 22% supplémentaire d'actions par le biais de dispositions de put/call à partir de 2026. Le portefeuille de l'entreprise comprend une société en phase clinique 2 développant des immunothérapies pour l'oncologie, une société en phase clinique précoce axée sur les maladies dégénératives et une société de distribution de dispositifs médicaux opérant aux États-Unis, en Europe et en Corée du Sud.
Bellevue Life Sciences Acquisition Corp. (BLAC) hat die Genehmigung der Aktionäre für die Unternehmenszusammenschluss mit OSR Holdings Co. erhalten. Die Transaktion soll am 14. Februar 2025 abgeschlossen werden, nachdem die Genehmigung für ausländische Investitionen von der Industrial Bank of Korea erteilt wurde. Das Unternehmen hat seinen Namen in OSR Holdings, Inc. geändert und wird ab dem 18. Februar 2025 an der Nasdaq unter den Symbolen 'OSRH' und 'OSRHW' gehandelt.
Nach der Transaktion wird OSR Holdings etwa 67% von OSR Holdings Co. besitzen, mit Vereinbarungen zur Übernahme von weiteren 22% der Aktien durch Put/Call-Vereinbarungen ab 2026. Das Portfolio des Unternehmens umfasst ein Unternehmen in der klinischen Phase 2, das Immuntherapien für die Onkologie entwickelt, ein Unternehmen in der frühen klinischen Phase, das sich auf degenerative Erkrankungen konzentriert, und ein Unternehmen für den Vertrieb medizinischer Geräte, das in den USA, Europa und Südkorea tätig ist.
- Secured stockholder approval for business combination
- Will own 67% of OSR Holdings Co., with option for additional 22%
- Maintains diverse portfolio including Phase 2 oncology immunotherapy company
- Upcoming Nasdaq listing under new ticker symbols
- 57,821 shares were tendered for redemption
- Transaction completion still pending foreign investment approval
Insights
The business combination approval represents a strategically significant transaction that establishes a unique global healthcare platform. The remarkably low redemption rate of just 57,821 shares signals robust investor confidence in the merger's potential, particularly noteworthy in the current SPAC market environment where high redemptions are common.
The transaction's structure reveals sophisticated financial engineering: OSR Holdings will initially control 67% of OSR, with put/call arrangements for an additional 22% stake exercisable from 2026. This staged acquisition approach allows for gradual consolidation while providing current OSR shareholders with both liquidity options and continued participation in future upside.
The Hub-and-Spoke model mentioned is particularly well-suited for the healthcare sector, enabling centralized strategic oversight while maintaining operational autonomy for individual subsidiaries. This structure is especially valuable for managing a diverse portfolio that includes:
- A Phase 2 immunotherapy oncology program
- An early-stage platform for degenerative disease treatments
- Medical device distribution operations
The Nasdaq listing provides significant advantages, including enhanced access to capital markets, increased visibility for potential partnerships, and improved currency for future acquisitions. The transaction's timing aligns with growing interest in Asian biotech companies seeking US market access, potentially positioning OSR Holdings as a pioneer in this trend.
The minimal redemptions and structured approach to ownership consolidation suggest careful consideration of shareholder interests while maintaining strategic flexibility for future growth initiatives. This transaction could serve as a template for other Asian healthcare companies seeking to establish global platforms through US public markets.
Following the Special Meeting, BLAC filed its Amended and Restated Certificate of Incorporation as approved by the stockholders with the
Following the Transaction, OSR Holdings will own approximately
Kuk Hyoun Hwang, President and CEO of OSR Holdings, expressed enthusiasm about the Transaction, stating, "The closing will mark a significant achievement and step forward while remaining true to our foundational business strategy as a global Hub-and-Spoke group of healthcare companies. We are excited about the opportunities this will create for OSR Holdings by leveraging momentum from the completion of the business combination to help advance and grow our subsidiaries and overall drug pipelines."
"This achievement is a testament to the dedication of our team and their belief in the strength of our vision. We look forward to executing on our corporate strategy to create long-term value to our subsidiary founders, shareholders and investors, and our employees," said Sang Hoon Kim, CEO of OSR.
Upon the closing of the Transaction, OSR Holdings will continue its business operations in the US,
About OSR Holdings, Inc.
OSR Holdings (formerly Bellevue Life Sciences Acquisition Corp.) was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
About OSR Holdings Co., Ltd.
OSR is a global healthcare company dedicated to advancing healthcare outcomes and improving the quality of life for people and their families. OSR aims to build and develop a robust portfolio of innovative and potentially transformative therapies and healthcare solutions. Its current operating businesses (through three wholly-owned subsidiaries) include (i) developing oral immunotherapies for the treatment of cancer, (ii) developing design-augmented biologics for age-related and other degenerative diseases and (iii) neurovascular intervention medical device and systems distribution in
Forward Looking Statements
This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "goal," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations and timing related to the execution of OSR's mission to build and develop a robust portfolio of innovative and potentially transformative therapies and healthcare solutions. These forward-looking statements are based on information available to us as of the date of this communication and represent management's current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control.
These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of OSR Holdings' and OSR's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of OSR Holdings and OSR. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about OSR that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties, include risks related to the receipt of regulatory approval necessary for closing of the Transaction, OSR's ability to execute on its strategy; regulatory uncertainties; the potential need for financing to sustain OSR Holdings; market, financial, political and legal conditions; the effects of competition; changes in applicable laws or regulations; and the outcome of any government and regulatory proceedings, investigations and inquiries. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by the forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this communication. We anticipate that subsequent events and developments will cause our assessments to change. However, while we may elect to update these forward-looking statements at some point in the future, OSR Holdings and OSR specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing OSR Holdings' and OSR's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. Additional information concerning certain of these risk factors is contained in BLAC's most recent filings with the
Media Contact
Tae Min Lee
OSR Holdings Co., Ltd.
Analyst
taemin.lee@osr-holdings.com
Investor Contact
Kuk Hyoun Hwang
OSR Holdings, Inc.
Chairman & CEO
peter.hwang@osr-holdings.com
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SOURCE OSR Holdings Inc.
FAQ
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