Oak Hill Bio to Go Public via RACC SPAC Merger

Cambridge, United States, July 27, 2026 - Oak Hill Bio, a clinical-stage biotechnology company, and Research Alliance Corporation III (Nasdaq: RACC) have announced a definitive business combination agreement. Upon completion, the combined entity will be renamed Oak Hill Bio, Inc. and is expected to trade on the Nasdaq Capital Market under the ticker symbol OAKH.

The transaction is structured to support the ongoing development of the company's lead pipeline candidate, rugonersen. This investigational antisense oligonucleotide (ASO) therapy is currently being evaluated in a Phase 3 clinical trial for the treatment of Angelman syndrome, a rare neurodevelopmental disorder. The company has already dosed the first patient in the pivotal BEACON study as of July 2026.

Transaction Details

• The deal is expected to provide Oak Hill Bio with approximately $175 million in gross proceeds.
• This capital includes $75 million in cash from RACC's trust account, fully backstopped by RA Capital Management.
• An additional $100 million in committed private financing (PIPE) has been secured.
• Participants in the financing include existing investors like Balyasny Asset Management and Janus Henderson, alongside new institutional backers.

The business combination has been approved by the boards of both companies and is expected to close by year-end 2026, subject to customary closing conditions and regulatory approvals. Following the closing, Josh Distler will serve as CEO of the combined company, and board member Mike MacLean will remain on the board to oversee the next phase of growth.