YS BIOPHARMA TO MERGE WITH NASDAQ-LISTED SUMMIT HEALTHCARE ACQUISITION CORP.
- Transaction values YS Biopharma at pre-money equity value of $834 million
- Certain investors ("Forward Purchase Investors") are expected to invest $30 million in a private placement concurrently with the closing of the business combination transaction pursuant to certain forward purchase agreements
- Up to 2,732,325 incentive bonus shares, including up to 1,285,800 shares to be newly issued by the combined entity and 1,446,525 shares to be contributed by the sponsor of Summit Healthcare Acquisition Corp., will be provided to non-redeeming SPAC shareholders and the Forward Purchase Investors (collectively, the "investors"), which is expected to enhance the post-combination equity values of the investors
- YS Biopharma is a commercialization-stage biopharmaceutical company focusing on innovative vaccines and therapeutic biologics with over 800 employees and business operations in China, Singapore, the United States, the United Arab Emirates and the Philippines. YS Biopharma is also a leading human use rabies vaccine manufacturing company in China's rabies vaccine market, with a total vaccine product sales of approximately RMB503 million in its most recent fiscal year of 2022. It also has four clinical stage candidates, including, among others, a new generation of PIKA® adjuvanted rabies vaccine to be entered into Phase III stage of clinical trials in Singapore, the Philippines, Vietnam and Pakistan, as well as a recombinant COVID-19 vaccine at Phase II/III stage of clinical trials in the United Arab Emirates, the Philippines and Pakistan
- Proceeds from this business combination transaction will accelerate the clinical development and future commercialization of PIKA® adjuvanted rabies vaccine and recombinant COVID-19 vaccine in multiple countries
- The business combination transaction is targeted to close in the first quarter of 2023
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