SEOUL,
South Korea, Feb. 13,
2025 /PRNewswire/ -- Bellevue Life Sciences
Acquisition Corp. ("BLAC") announced today the approval of each of
the proposals presented at the special meeting of its stockholders
(the "Special Meeting") held today, including the proposal for the
business combination with OSR Holdings Co., Ltd. (the
"Transaction"). BLAC expects the Transaction to close
following receipt of foreign investment approval from the
Industrial Bank of Korea, which is expected on February 14, 2025.
Following the Special Meeting, BLAC filed its Amended and
Restated Certificate of Incorporation as approved by the
stockholders with the Delaware
Secretary of State and has changed its name to OSR Holdings, Inc.
("OSR Holdings"). Assuming the closing of the Transaction
occurs on February 14, 2025, the
common stock and warrants of OSR Holdings will begin trading on the
Nasdaq Stock Market LLC on February 18,
2025 under the ticker symbols "OSRH" and "OSRHW,"
respectively. In connection with the Special Meeting, 57,821
shares of BLAC Common Stock were tendered for redemption.
Following the Transaction, OSR Holdings will own approximately
67% of the outstanding stock of OSR Holdings Co., Ltd. ("OSR") and
OSR stockholders holding an additional 22% of the outstanding OSR
shares have entered into agreements with OSR Holdings providing for
the acquisition by OSR Holdings of such shares via put/call
provisions commencing in 2026.
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, Europe and South
Korea. The company's current portfolio of subsidiaries
includes a Phase 2 clinical stage company developing immunotherapies for
oncology indications, an early clinical stage company developing
disease modifying therapies aimed to address several age-related
and other degenerative diseases, and a medical device distributions
company.
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 Korea. OSR's vision is to acquire and
operate a portfolio of innovative health-care related companies
globally.
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 U.S. Securities and Exchange Commission, including
under the section entitled "Risk Factors" in the prospectus filed
on January 31, 2025 by BLAC and other
documents filed by BLAC, or to be filed by OSR Holdings, with the
SEC.
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.
