China’s YishengBio is going to Nasdaq, making the transition via $230M SPAC maneuver

After attempting to make it on the HKEX last year, a Chinese biopharma is finally taking the once-flashy SPAC route to get on the Nasdaq.

YishengBio — which will be renamed YS Biopharma, per a Thursday statement — will be combining with Hong Kong-based Summit Healthcare Acquisition Corp, currently listed on Nasdaq under the ticker $SMIH after launching on the stock exchange last year. If everything goes to plan, the merger will be finished in Q1 next year.

The financing will be used to push the clinical development of two of YS’s main candidates to the commercialization stage in multiple, yet undisclosed, markets.

The transaction puts YS Biopharma at a pre-money equity valuation of $834 million. After the merger, YS said that it would earn close to $230 million in gross proceeds — $30 million from a private placement and $200 million…
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