Nanyang Biologics Announces $1.5 Billion Business Combination with RF Acquisition Corp II to Pursue Nasdaq Listing

On October 2, 2025, Nanyang Biologics Pte. Ltd. (NYB), together with its subsidiaries, announced the signing of a business combination agreement with RF Acquisition Corp II (NASDAQ: RFAI), a publicly listed special purpose acquisition company. The transaction aims to bring NYB to the public markets, with the combined company expected to list on Nasdaq under the reserved ticker symbol “NYB.”

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NYB operates a comprehensive AI-driven drug discovery platform that combines the medicinal potential of natural compounds with advanced technology. Its flagship platform, Vecura™ AI, is powered by DTIGN (Drug-Target Interaction Graph Neural Network), a proprietary engine that integrates structural and outcome data to enable faster identification of promising drug candidates and reduce R&D costs. In 2024, DTIGN outperformed nine leading models by 27% in benchmarking tests published in the IEEE Journal of Biomedical and Health Informatics. The engine also won first prize at the 2025 SuperAI Genesis Startup Competition among over 700 global startups.

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NYB’s pipeline includes multiple nature-inspired small molecules, such as NB-B101 (solid tumors), NB-C201 (cardiovascular health), and NB-C301 (mental health), all in preclinical development. The company holds a growing IP portfolio covering both therapeutic candidates and proprietary nutraceuticals.

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NB-A002, NYB’s lead candidate, is a first-in-class oncology therapeutic targeting ILF2, a previously undruggable protein. It induces synthetic lethality in DDR and HRD cancers, including BRCA-mutated and BRCAness tumors. With a global DDR therapy market projected to grow from $8.3 billion to $19.5 billion by the mid-2030s, and 91% of pan-cancer cases in Chinese populations carrying actionable DDR/HRD alterations, NB-A002 is positioned to address significant unmet medical demand.

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The NYB-NTU joint laboratory, a collaboration with Nanyang Technological University Singapore, supports AI engine development and compound discovery. NTU was ranked 2nd globally in AI by U.S. News & World Report 2025. The partnership focuses on expanding NYB’s discovery capabilities across oncology, cardiovascular, metabolic, and mental health indications.

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The combined company will be led by NYB Chairman Roland Ong and Lead Principal Investigator Professor Li Hoi Yeung, who co-founded the joint laboratory five years ago. Shareholders including The9 Limited (Nasdaq: NCTY) and Mercatus Capital will retain a majority of the combined company’s outstanding shares and will designate a majority of board nominees.

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This transaction values NYB at approximately $1.5 billion pre-transaction equity. Closing is expected in Q1 or Q2 of 2026, subject to shareholder approval and customary closing conditions.

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Legal advisors to the transaction include Ortoli Rosenstadt LLP (NYB’s US counsel), Winston & Strawn LLP (counsel to RFAI), Insight Law LLC (NYB’s Singapore counsel), and Maples and Calder (Hong Kong) LLP (NYB’s Cayman counsel). EarlyBirdCapital, Inc. is acting as financial advisor to RFAI.