YishengBio Co., Ltd. (to be renamed YS Biopharma) and Summit Healthcare Acquisition announced a definitive merger agreement , giving the targe a pre-money equity value of $834M.
The deal is expected to provide up to $230 million in gross proceeds to YS Biopharma, including $30 million from forward purchase investors and up to approximately $200 million currently in Summit’s trust account, assuming no redemptions. Additionally, up to 2.7 million incentive bonus shares, including newly issued stock by the combined entity and 1.4 million shares contributed by Summit’s sponsor will be provided to non-redeeming SPAC shareholders and the forward purchase investors.
YS Biopharma’s YSJATM rabies vaccine is one of the leading products in the human-use rabies vaccine market in China.
The deal has a target closing in the first quarter of 2023. Read more.
