Taiwan-based biotechnology firm SL Bio Ltd. has filed a Form F-4 with the U.S. Securities and Exchange Commission, setting the stage for a merger with Horizon Space Acquisition II Corp. (HSPT). Instead of going the traditional IPO route, SL Bio is opting for the SPAC path to reach public markets.
The numbers tell an interesting story. Under the proposed transaction, SL Bio would acquire Horizon Space Acquisition II at an implied equity valuation of roughly $5.7 billion. The combined company will operate under the name SL Science Holding Limited and trade with the ticker SLBT on NASDAQ. Think of it as SL Bio running the show while HSPT provides the public listing infrastructure.
Why SPACs Still Matter
Sure, Horizon Space Acquisition II isn't exactly a headline-grabbing SPAC, but the deal illustrates why these mergers remain relevant. For capital-intensive sectors like biotechnology, where development timelines stretch for years and regulatory hurdles multiply quickly, SPACs offer a practical alternative to conventional IPOs. When public markets get selective about early-stage companies, reverse mergers provide a workaround.
The transaction still needs to clear regulatory review and win shareholder approval. If everything goes according to plan, U.S. investors will gain direct access to SL Bio through the publicly listed holding company.
What SL Bio Actually Does
SL Bio operates in the advanced biotechnology space, focusing on cellular and gene therapy technologies. The company is developing immunotherapies targeting high-need oncology indications including blood cancers, pancreatic cancer, and brain tumors. Beyond that, SL Bio is working on exosome-based regenerative technologies with potential applications spanning medical therapeutics and consumer health products.
The companies expect the public listing to happen in early 2026, assuming customary closing conditions are met and market conditions cooperate. For now, it's a waiting game on regulatory approvals and shareholder votes.
Current Trading
Shares of Horizon Space Acquisition II Corp. closed at $10.55 on Thursday.