On September 29, 2022, YishengBio Co., Ltd (YS Biopharma), a commercialization-stage biopharmaceutical company focusing on innovative vaccines and therapeutic biologics, and Summit Healthcare Acquisition Corp. (Summit), a publicly traded special purpose acquisition company, announced that they have entered into a definitive agreement for a business combination of Summit and YS Biopharma. Upon the completion of the merger, the combined company will be renamed as YS Biopharma Co., Ltd. and become a publicly traded company on the Nasdaq. Wilson Sonsini Goodrich & Rosati is representing YS Biopharma in the transaction. 

The merger, which gives YS Biopharma a pre-money equity value of $834 million, is targeted to close in the first quarter of 2023. It is expected to provide up to approximately $230 million in gross proceeds to YS Biopharma, including $30 million from private placement investors and up to approximately $200 million currently held in Summit's trust account, assuming no redemption from Summit's existing public shareholders. Proceeds from the merger will be used for the clinical development and future commercialization of PIKA^®adjuvanted rabies vaccine and recombinant COVID-19 vaccine in multiple countries.

The Wilson Sonsini team representing YS Biopharma in the merger includes:

Corporate
Dan Ouyang, Partner
Ke Li, Of Counsel
Zhenzhen Bao, Associate
Haoqian Chen, Associate

Tax
Myra Sutanto Shen, Partner
Han Shen, Associate

For more information, please refer to this news release from YS Biopharma and Summit.