Summit Healthcare to amass YS Biopharma in a deal valued at $834M (NASDAQ:SMIH)

Particular objective acquisition agency (SPAC) Summit Healthcare Acquisition (NASDAQ:SMIH) stated on Thursday it could purchase drug maker YS Biopharma in a transaction that’s valued at about $834M.

YS Biopharma homes YSJA rabies vaccine, which is one in every of the main vaccine for rabies in China, with a complete product gross sales of about RMB503M ($7.06M) within the fiscal 12 months ended March 3.

YS Biopharma additionally has developed a broad pipeline with its proprietary PIKA immunomodulating know-how platform, together with 4 scientific stage candidates, focusing on remedies for rabies, COVID-19, hepatitis B, most cancers, shingles and influenza.

The mixed firm can be renamed as YS Biopharma Co., Ltd and can be publicly traded firm on the Nasdaq.

Beneath the deal, YS Biopharma will proceed to be led by Yi Zhang, its founder and chairman.

YS Biopharma has over 800 staff and enterprise operations in China, Singapore, the USA, the United Arab Emirates and the Philippines.

The enterprise mixture is anticipated to offer as much as roughly $230M in gross proceeds to YS Biopharma, together with $30M from Ahead Buy Buyers and as much as roughly $200M at the moment held in Summit’s belief account.

The Transaction is focused to be accomplished within the first quarter of 2023.

A SPAC is a company fashioned for the only objective of elevating capital by means of an preliminary public providing, or IPO.