Summit stockholders approve merger with vaccine maker YishengBio
Mar. 15, 2023 6:38 AM ETSummit Healthcare Acquisition Corp. (SMIH), SMIHUBy: Ravikash, SA News Editor
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- Summit Healthcare Acquisition (NASDAQ:SMIH) shareholders approved the company's business combination with YishengBio.
- The transaction values YishengBio, which will be renamed as YS Biopharma, at pre-money equity value of $834M. The business combination will deliver ~$36M in gross proceeds.
- Special purpose acquisition firm (SPAC) Summit expects to close the transaction on March 16.
- The company's shares are expected to start trading on Nasdaq on March 17 under the ticker YS.
- YS Biopharma is focused on developing vaccines and therapeutic biologics for infectious diseases and cancer and the company already has an YSJA rabies vaccine, being sold in China. YishengBio operates in China, the U.S., Singapore, the United Arab Emirates, and the Philippines.
- "As a long-established vaccine manufacturer, YS generates robust revenue from its in-market vaccines and has built a differentiated vaccine platform with its unique PIKA adjuvant technology," said Bo Tan, CEO, co-chief investment officer and director of Summit.