Bellevue Life Sciences Acquisition and OSR Holdings Co., Ltd., a global healthcare holding company, entered into a business combination agreement.
Financing details were scant in the press release announcing the deal. If approved, upon closing the outstanding shares of OSR Holdings will be exchanged for newly issued shares of the SPAC’s stock.
Bellevue Life Sciences in July signed an exclusive, non-binding letter of intent with OSR. Peter Kuk Hyoun Hwang is CEO of both companies.
The SPAC lost about 38% of its trust to redemptions on an extension vote earlier this month. The SPAC had raised $69 million in a February IPO.
Bellevue Life Sciences will own at least 60% of the new OSR outstanding shares, with the right to acquire the remainder after Jan. 1, 2025 or 2026 or in connection with a change in control of the SPAC.
The merged company would be named OSR Biosciences and its common stock and warrants would list on the Nasdaq Capital Market under new ticker symbols.
Founded in 2019, OSR Holdings is a global healthcare holding company from South Korea with wholly owned operating subsidiaries in the biopharmaceutical and medical device sectors. Current subsidiaries include:
Vaximm, which develops immunotherapy for cancer treatment.
Darnatein, which develops disease-modifying osteoarthritis drug.
RMC distributes medical devices for the treatment of neurovascular and other diseases.
OSR Holdings in July signed a non-binding letter of intent for a proposed acquisition of Landmark BioVentures AG, a Swiss company that operates through four different biotech ventures in France with therapeutic focuses on oncology and immunology. Read more.
