SL Bio closes $5.568 billion merger, lists on Nasdaq
SL BIO Ltd. completed its business combination with Horizon Space Acquisition II Corp., resulting in a publicly traded entity, SL Science Holding Limited, with an implied equity valuation of $5.568 billion. Shares will trade on the Nasdaq Global Market under the ticker "SLBT" starting June 15, 2026. The transaction includes a $7.8 million PIPE financing to support the development of proprietary Gamma delta T cell-based therapies for solid tumors.
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SL BIO Ltd. has completed its business combination with Horizon Space Acquisition II Corp., establishing SL Science Holding Limited as a publicly traded entity with an implied equity valuation of approximately $5.568 billion. The new ordinary shares are scheduled to commence trading on the Nasdaq Global Market under the ticker symbol "SLBT" on June 15, 2026. This strategic milestone provides the company with access to U.S. institutional capital markets and the financial flexibility to accelerate its clinical and commercial growth initiatives.
The transaction, which was approved by Horizon Space shareholders at an extraordinary general meeting on February 12, 2026, was accompanied by the concurrent closing of a $7.8 million PIPE financing. SL Bio and Horizon Space now operate as wholly owned subsidiaries of SL Science, a Cayman Islands holding company. The capital raised is designated to advance SL Bio's proprietary Gamma delta T (GDT) cell-based "off-the-shelf" cellular therapies through preclinical development and planned clinical trials targeting solid tumor indications, including pancreatic and brain cancers.
Strategic Capital and Market Position
The business combination positions SL Science to address critical limitations in the current oncology market, specifically the high costs and production delays associated with traditional autologous therapies. By leveraging a scalable, ready-to-use treatment model, the company aims to introduce standardization and mass production principles similar to the semiconductor industry into the cell therapy sector. The Nasdaq listing is expected to facilitate the attraction of top-tier global scientific talent and support potential future strategic acquisitions and licensing partnerships.
Leadership and Governance Structure
To support its transition to a U.S.-listed public entity, SL Science has formalized a corporate governance structure led by William Wang, Chief Executive Officer and Chairman. The executive team includes Ray Leung as Chief Financial Officer, Johnson Lau as Vice President of Finance, and Ethan Shen, Ph.D., as Chief Technology Officer and Director. The Board of Directors has been expanded to include independent directors Joseph Levinson, Qian (Hebe) Xu, John C. General, Kwo-Liang Chen, and Mingche Liu, M.D., Ph.D., bringing expertise in accounting, cross-border governance, investment banking, and regulatory compliance.
Transaction Overview
| Key Aspect | Details |
|---|---|
| Implied Equity Valuation | $5.568 billion |
| PIPE Financing | $7.8 million |
| Trading Ticker | SLBT |
| Exchange | Nasdaq Global Market |
| Trading Start Date | June 15, 2026 |
| Shareholder Approval Date | February 12, 2026 |
VCL Law LLP and Ogier served as legal advisors to SL Bio, while Robinson & Cole LLP and Maples Group acted as legal advisors to Horizon Space.
What specific clinical milestones for the Gamma delta T cell therapies are expected to drive shareholder value post-listing?
How does the company plan to utilize the Nasdaq listing to secure follow-on financing given the relatively small size of the initial PIPE?
What are the primary regulatory hurdles for commercializing 'off-the-shelf' therapies in the US compared to traditional autologous treatments?
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