Oak Hill Bio announced on July 28 a merger with Research Alliance Corporation III, a special purpose acquisition company, as its path to becoming publicly traded. The Massachusetts-based biotech will not hold a traditional initial public offering but instead will access the public markets through this SPAC arrangement.
The deal is expected to provide Oak Hill with $75 million from the SPAC and an additional $100 million in committed private financing. Research Alliance Corporation III is sponsored by RA Capital Management, which has previously backed companies such as Aktis Oncology, Metsera—acquired by Pfizer for $9.8 billion—and Moderna. Oak Hill said the merger is expected to close by the end of the year, after which it will trade on Nasdaq under the symbol OAKH.
Oak Hill recently raised $32.5 million in a series A round last month that it plans to use for its lead asset rugonersen, an investigational antisense therapy targeting Angelman syndrome. This rare neurodevelopmental disorder affects about 500,000 patients worldwide and is caused by mutations in the UBE3A gene resulting in nonfunctional protein and symptoms such as seizures and developmental delays.
Rugonersen aims to restore expression of UBE3A protein in neurons. Originally developed by Roche and licensed by Oak Hill in April 2025, rugonersen's financial licensing details were not disclosed. Phase 1 data published in Nature Medicine showed partial normalization of pathological brain activity along with a safety profile similar to other antisense oligonucleotides. The drug candidate is now being studied in the Phase 3 BEACON trial, which dosed its first patient earlier this month; primary completion is projected for 2029.
SPACs have become an alternative route for biotechs seeking lower upfront costs and faster entry into public markets compared to IPOs—a trend that was especially notable during 2021’s pandemic-driven surge.
