#South Korea #Seoul #healthcare #OSR Holdings #BLAC

Bellevue Life Sciences Acquisition Corp. Becomes OSR Holdings, Inc.

In a significant move within the healthcare sector, Bellevue Life Sciences Acquisition Corp. (BLAC) has successfully received approval for its business combination proposal with OSR Holdings Co., Ltd. This decision was made during a special meeting of stockholders on February 13, 2025, representing a pivotal moment for BLAC as it embarks on a new chapter as OSR Holdings, Inc.

The planned transaction is set to finalize on February 14, 2025, pending foreign investment approval from the Industrial Bank of Korea. As a part of this transformation, OSR Holdings' common stock and warrants are anticipated to commence trading on Nasdaq on February 18, 2025, under the ticker symbols "OSRH" and "OSRHW" respectively.

During the special meeting, stockholders tendered 57,821 shares of BLAC for redemption, reflecting the strategic shifts the company is undergoing. Following the culmination of the transaction, OSR Holdings will secure approximately 67% of the outstanding shares in OSR Holdings Co., Ltd. Additionally, arrangements have been made with shareholders of OSR for the acquisition of an additional 22% of shares through put/call provisions starting in 2026.

Kuk Hyoun Hwang, the President and CEO of OSR Holdings, expressed optimism regarding the transaction, stating, "This closing marks a significant achievement and step forward while remaining committed to our foundational business strategy as a global Hub-and-Spoke group of healthcare companies. We are excited about the new opportunities this will bring to OSR Holdings, which will allow us to leverage the momentum from this business combination to advance the growth of our subsidiaries and expand our drug pipelines."

Sang Hoon Kim, CEO of OSR, further emphasized the dedication of the team, highlighting their belief in the potential for long-term value creation for subsidiary founders, shareholders, investors, and employees alike. In light of the transaction, OSR Holdings is poised to continue its operations across the U.S., Europe, and South Korea, with a diverse portfolio of subsidiaries.

The company's existing subsidiaries include a Phase 2 clinical stage operation that focuses on developing immunotherapies for oncology, an early clinical stage initiative that aims to develop therapies for degenerative diseases, and a medical device distribution operation.

OSR Holdings: A New Era in Healthcare

OSR Holdings is more than just a new name; it embodies a commitment to revolutionizing healthcare through innovative therapies and solutions. The revamped company aims to foster significant advancements in healthcare outcomes and improve the quality of life for individuals and their families. It is strategically positioned to build a diverse portfolio of transformative therapies, reflective of its mission to lead in the healthcare sector.

The reorganization marks a strategic shift towards enhancing the operational framework of OSR Holdings, allowing it to better navigate regulatory landscapes, foster innovation, and build partnerships that further its goals in the healthcare industry.

As OSR Holdings prepares for this transition, the leadership team is confident in their ability to adapt to market demands, regulatory challenges, and competitive dynamics that characterize the healthcare landscape today. The journey from Bellevue Life Sciences Acquisition Corp. to OSR Holdings reflects a steadfast commitment to innovation, growth, and the delivery of value across its business operations.

This transformation not only strengthens the company’s position but also reaffirms its dedication to enhancing patient care through groundbreaking healthcare solutions. Forward-looking statements made by the company highlight the strategic intent to pursue robust pharmaceutical innovations and address pressing healthcare needs on a global scale, indicating a promising future for OSR Holdings and its stakeholders.

Conclusion

With their sights set on the future, OSR Holdings aims to redefine healthcare through its innovative strategies. This merger represents a major corporate milestone, poised to propel OSR Holdings towards achieving its ambitious goals while addressing critical healthcare challenges worldwide.