- Business Combination to deliver approximately $36 million of gross proceeds
- YS Biopharma expects to close the Business Combination on
March 16, 2023
- YS Biopharma Ordinary Shares and YS Biopharma Warrants
expected to begin trading on the Nasdaq on March 17, 2023 under the symbols "YS" and
"YSBPW," respectively
NEW
YORK, March 14, 2023 /PRNewswire/ -- YishengBio
Co., Ltd (to be renamed as YS Biopharma Co., Ltd., and herein
referred to as "YS Biopharma"), a global biopharmaceutical company
dedicated to discovering, developing, manufacturing and
commercializing new generations of vaccines and therapeutic
biologics for infectious diseases and cancer, and Summit Healthcare
Acquisition Corp. (Nasdaq: SMIH) ("Summit"), a publicly traded
special purpose acquisition company, announced today that the
previously announced business combination (the "Business
Combination") was approved at an extraordinary general meeting of
Summit on March 14, 2023. The
Business Combination is expected to officially close on
March 16, 2023. YS Biopharma will
remain as the combined company and its shares and warrants are
expected to begin trading on the Nasdaq Capital Market under the
symbols "YS" and "YSBPW," respectively, on March 17, 2023.
YS Biopharma is a global biopharmaceutical company focusing on
new generations of vaccines and therapeutic biologics for
infectious diseases and cancer. It has a proprietary
PIKA® immunomodulating technology platform and a broad
portfolio of preventive and therapeutic biologics targeting Rabies,
Coronavirus, Hepatitis B, Influenza and Shingles. YS Biopharma
operates in China, the United States, Singapore, the United Arab Emirates, and the Philippines.
Dr. David Hui Shao, the Chief
Executive Officer and Director of YS Biopharma, commented, "Going
public is a natural step for YS Biopharma right now. We are
pleased that the shareholders of Summit have, through approval of
the business combination, reaffirmed their belief in our vision and
future for the company. We have built an innovative portfolio
and recorded strong product revenue growth and financial
performance over recent years. Looking forward, our strategy
is to drive continuous organic growth through innovation and
geographic expansion for our pipeline products, combined with
disciplined investment in new technology and clinical development.
The business combination with Summit brings us one step closer to
realizing our foremost goals as a leading global biopharma
company."
Mr. Bo Tan, the Chief Executive
Officer, Co-Chief Investment Officer and Director of Summit,
stated, "YS Biopharma has demonstrated its dedication and
commitment to excellence in public health in China and other emerging markets. 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. With the
proceeds from the business combination, we believe that YS will
have the resources to further execute its vision to serve the
critical medical needs in infectious disease and cancer globally.
We are excited to close this transaction, and I look forward to
continuing working with YS team to achieve the next series of
milestones."
Business Combination Details
We expect the Business Combination to deliver approximately
$36 million of gross proceeds, which
are expected to be used for, among others, the clinical development
and future commercialization of PIKA® adjuvanted
rabies vaccine and recombinant COVID-19 vaccine in multiple
countries.
Upon closing of the Business Combination, Mr. Bo Tan, the Chief Executive Officer, Co-Chief
Investment Officer, and director of Summit, will join YS
Biopharma's board of directors. The board of directors of YS
Biopharma will consist of seven directors, including two current
directors of YS Biopharma, Mr. Bo
Tan, and four independent directors.
Advisors
Wilson Sonsini Goodrich &
Rosati, Jingtian & Gongcheng and Maples and Calder
(Hong Kong) LLP are serving as
legal advisors to YS Biopharma in connection with the Business
Combination.
Cooley LLP and Ogier are serving as legal advisors to Summit in
connection with the Business Combination.
Additional information about the closing of the Business
Combination will be provided on a Current Report on Form 8-K
to be filed by Summit with the Securities and Exchange Commission
(the "SEC") and available at www.sec.gov.
About YS Biopharma
YS Biopharma is a global biopharmaceutical company dedicated to
discovering, developing, manufacturing and commercializing new
generations of vaccines and therapeutic biologics for infectious
diseases and cancer. It has developed a proprietary
PIKA® immunomodulating technology platform and a
series of preventive and therapeutic biologics targeting Rabies,
Coronavirus, Hepatitis B, Influenza and Shingles. YS Biopharma
operates in China, the United States, Singapore, the United Arab Emirates, and the Philippines with over 800 employees and is
led by a management team that combines rich local expertise and
global vision in the vaccine and pharmaceutical industry.
About Summit Healthcare Acquisition Corp.
Summit Healthcare Acquisition Corp. is a blank check company
sponsored by Summit Healthcare Acquisition Sponsor LLC,
a Cayman Islands limited liability company, and formed for the
purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with
one or more businesses. Summit's units, Class A ordinary shares and
warrants trade on the Nasdaq under the ticker symbols "SMIHU,"
"SMIH," and "SMIHW," respectively.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements also include, but are not limited to,
statements regarding the expected growth of the combined company,
the combined company's ability to source and retain talent, the
cash position of the combined company following closing of the
Business Combination, the timing of the closing of the Business
Combination. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of Summit's and YS Biopharma's management and are not
predictions of actual performance.
These statements involve risks, uncertainties and other factors
that may cause actual results, levels of activity, performance or
achievements to be materially different from those expressed or
implied by these forward-looking statements. Although each of
Summit and YS Biopharma believes that it has a reasonable basis for
each forward-looking statement contained in this press release,
each of Summit and YS Biopharma caution you that these statements
are based on a combination of facts and factors currently known and
projections of the future, which are inherently uncertain. In
addition, there are risks and uncertainties described in the
definitive proxy statement/final prospectus relating to the
proposed Business Combination, and other documents filed by YS
Biopharma or Summit from time to time with the SEC. These filings
may identify and address other important risks and uncertainties
that could cause actual events and results to differ materially
from those contained in the forward-looking statements.
Neither Summit nor YS Biopharma can assure you that the
forward-looking statements in this press release will prove to be
accurate. These forward-looking statements are subject to a number
of risks and uncertainties, including, among others, the ability to
complete the business combination transaction due to the failure to
satisfy closing conditions in the business combination agreement,
the occurrence of any event that could give rise to the termination
of the business combination agreement, the ability to recognize the
anticipated benefits of the Business Combination, costs related to
the transaction, the impact of the global COVID-19 pandemic, the
risk that the transaction disrupts current plans and operations as
a result of the consummation of the transaction, the outcome of any
potential litigation, government or regulatory proceedings, the
sales performance of the marketed vaccine product and the clinical
trial development results of the product candidates of YS
Biopharma, and other risks and uncertainties, including those
included under the heading "Risk Factors" in the definitive proxy
statement/final prospectus filed with the SEC on February 8, 2023 , as supplemented on
February 21, 2023, and those included
under the heading "Risk Factors" in the annual report on Form 10-K
for year ended December 31, 2021 of
Summit and in its subsequent quarterly reports on Form 10-Q and
other filings with the SEC. There may be additional risks that
neither Summit nor YS Biopharma presently know or that Summit and
YS Biopharma currently believe are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In light of the significant
uncertainties in these forward-looking statements, nothing in this
press release should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. The forward-looking
statements in this press release represent the views of Summit and
YS Biopharma as of the date of this press release. Subsequent
events and developments may cause those views to change. However,
while Summit and YS Biopharma may update these forward-looking
statements in the future, there is no current intention to do so,
except to the extent required by applicable law. You should,
therefore, not rely on these forward-looking statements as
representing the views of Summit or YS Biopharma as of any date
subsequent to the date of this press release. Except as may be
required by law, neither Summit nor YS Biopharma undertakes any
duty to update these forward-looking statements.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ys-biopharma-and-summit-healthcare-announce-shareholder-approval-of-business-combination-301772163.html
SOURCE YS Biopharma
