An artificial-intelligence-driven drug discovery platform will receive a step up onto the Nasdaq via a reverse merger with a blank check company.
Nanyang Biologics has been snapped up by Nasdaq-listed RF Acquisition Corp II, a special purpose acquisition company set up to find a suitable business in the Asian technology, AI or biotech sectors. In Nanyang, RFA has found a target that hits two—if not three—of those goals.
Both RFA and NYB are based in Singapore, with the drug development company having set up a laboratory with Nanyang Technological University Singapore in order to develop an AI engine that will explore “the therapeutic potential of natural compounds to accelerate discovery across small molecules, biologics, and other large-molecule modalities,” according to an Oct. 2 release.
The transaction, which is due to close by the second quarter of 2026, gives NYB an equity value of $1.5 billion.
The company is aiming to create the “world's largest AI-curated natural compound libraries” and has secured support from the likes of Hewlett Packard Enterprise and data center provider Equinix.
The drug developer’s pipeline of five preclinical molecules is led by NYH002, an ILF2-targeting asset that is being aimed at HRD-positive, chemo-resistant cancers.
“By inducing synthetic lethality in HRD cancers, including BRCA-mutated and BRCAness tumors, we believe NB-A002 offers a superior alternative to PARP inhibitors with potential treatments across ovarian, breast, lung and other solid tumors,” NYB explained in the release.
The molecules in the pipeline are all derived from tropical medicinal plants and also include NB-C201 for cardiovascular health and NB-C301 for mental health conditions.
“Our proprietary DTIGN platform has mapped vast numbers of natural compounds and identified promising candidates, strengthening the feasibility of a new era of drug development,” NYB’s group chairman Roland Ong, Ph.D., said in a statement.
“On top of that, our lead molecule NB-A002 introduces a novel approach to treating solid tumors, and we are honored to have received a clinical trial invitation from the head of oncology at one of the world's top universities,” Ong said.
RF CEO Tse Meng Ng praised NYB for having “built a truly differentiated AI-powered drug discovery platform, combining world-class research capabilities with a strong pipeline of therapeutic candidates.”
“We believe NYB is uniquely positioned to transform the future of medicine by addressing areas of high unmet medical need,” the SPAC’s CEO added.
SPAC deals have become a rare sight in recent years, despite a number of high-profile announcements as recently as 2022. So far, 2025 has brought a few other examples of biotechs planning to use this route to go public, including German antibody biotech Veraxa and BridgeBio Oncology Therapeutics.