Summit Healthcare Acquisition Corp. (Nasdaq: SMIH), and YishengBio Co., Ltd (to be renamed YS Biopharma Co., Ltd.) have received SEC approval for their proposed business combination, set to take effect on February 7, 2023. YS Biopharma is a global biopharmaceutical leader in the discovery, development, manufacturing, and commercialization of cutting-edge vaccines and therapeutic biologics for infectious diseases and cancer. With this partnership, the two companies will work together to bring effective solutions to the market and make a positive impact on the health of millions.
Summit has set the date of February 2, 2023 as the Record Date and will be convening an Extraordinary General Meeting of shareholders on March 1, 2023 at 9:00 a.m. Eastern Time, to give shareholders the opportunity to approve the Business Combination with YS Biopharma. If you’re a shareholder of record as of the Record Date, you’ll have the exciting opportunity to receive notice of the Extraordinary General Meeting and have your say on the proposed Business Combination!
Once approved by Summit’s shareholders at the Extraordinary General Meeting and all customary closing conditions are satisfied, the Business Combination is set to close promptly and the combined company will be unveiled as YS Biopharma Co., Ltd. With its ordinary shares and warrants listing on the Nasdaq Stock Market LLC under the ticker symbols “YS” and “YSBPW” respectively, investors will get their first glance at the future of this innovative new company.
YS Biopharma is set to become an even bigger player in the biopharmaceutical industry following its Business Combination with Summit Therapeutics. With an implied pre-money enterprise value of $849 million, the deal is expected to bring up to $230 million of cash to YS Biopharma’s balance sheet before transaction expenses – and that’s without considering any redemptions by Summit’s public shareholders. That’s enough to give YS Biopharma the financial resources to expand its business and product development, and to achieve its growth targets by 2023.
Extraordinary General Meeting Details
Summit is pleased to offer its shareholders an innovative and cost-saving way to attend the Extraordinary General Meeting on March 1, 2023 at 9:00 a.m. Eastern Time by attending virtually via live webcast. Not only does this provide easy access and cost savings, but it also helps protect the health and safety of our shareholders. To attend the hybrid virtual meeting, registered shareholders and beneficial shareholders should follow the instructions in the proxy statement distributed by Summit. We look forward to having you join us to hear the latest updates and cast your vote!
About YS Biopharma
YS Biopharma is revolutionizing the global biopharmaceutical industry with its innovative PIKA® immunomodulating technology platform. This platform allows the company to develop a range of preventive and therapeutic biologics targeting a variety of infectious diseases and cancer, including Rabies, Hepatitis B, Shingles, influenza, and Coronavirus. With operations in China, Singapore, the United States, the United Arab Emirates, and the Philippines, YS Biopharma is committed to providing advanced vaccines and therapeutic biologics to improve global health. Led by an experienced management team with a local and global vision, YS Biopharma is proud to have over 800 employees dedicated to improving the health of patients around the world.
About Summit Healthcare Acquisition Corp.
Summit Healthcare Acquisition Corp. has the potential to revolutionize the healthcare sphere with its innovative approach. Through the merger, share exchange, asset acquisition, share purchase or similar business combination of one or more businesses, Summit is creating a dynamic platform for healthcare progress. Invest in the future of healthcare today by trading their units, Class A ordinary shares and warrants on the Nasdaq under the ticker symbols “SMIHU,” “SMIH,” and “SMIHW,” respectively.