Bellevue Life Sciences Acquisition Corp. Announces Approval of Business Combination Proposal And Name Change to OSR Holdings, Inc.
Rhea-AI Summary
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.
Positive
- 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
Negative
- 57,821 shares were tendered for redemption
- Transaction completion still pending foreign investment approval
News Market Reaction
On the day this news was published, BLAC declined 57.30%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
When will OSR Holdings (BLAC) begin trading on Nasdaq?
What percentage of OSR Holdings Co., will BLAC own after the transaction?
How many BLAC shares were redeemed during the Special Meeting?
What are the main business areas of OSR Holdings after the BLAC merger?
When is the BLAC-OSR Holdings business combination expected to close?
