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Biotech company PrimeGen US will go public in the United States through a $1.5 billion business combination with blank-check firm DT Cloud Star Acquisition, the companies announced Wednesday.

The deal is expected to close in the second half of 2026, after which the combined entity will operate as PrimeGen US and list on the Nasdaq exchange, pending regulatory and shareholder approvals.

SPAC Route Gains Momentum

The transaction comes amid renewed interest from companies seeking alternative paths to public markets via mergers with special purpose acquisition companies, or SPACs. These shell companies raise capital in an initial public offering with the goal of combining with private firms, accelerating their listing without the traditional IPO route.

PrimeGen’s merger with DT Cloud Star represents a strategic step for the biotech to access public market capital while advancing its scientific and commercial ambitions.

PrimeGen’s Focus on Stem Cell Therapies

PrimeGen US develops stem cell–based therapies targeting acute liver injury and other critical conditions. The company aims to use the proceeds from the transaction to fund ongoing clinical development, regulatory submissions, and potential commercialization of its lead programs.

“This transaction is designed to provide PrimeGen US with the resources to accelerate development of our innovative therapies while expanding our footprint in the public markets,” a company spokesperson said.

Transaction Details and Timeline

The definitive business combination agreement sets an implied equity valuation of approximately $1.5 billion for PrimeGen US. The closing remains contingent on:

• Stockholder approval from both PrimeGen US and DT Cloud Star

• Receipt of regulatory approvals

• Satisfaction of minimum cash conditions

• Other customary closing requirements outlined in the agreement

Upon closing, the combined company is expected to operate as PrimeGen US under a new Nasdaq ticker symbol, subject to exchange approval.

Although the transaction is projected to close in the second half of 2026, the companies cautioned that timing and completion are not guaranteed.

A Step Toward Growth

The deal positions PrimeGen US to accelerate its clinical programs, expand development capabilities, and potentially bring breakthrough therapies to patients more quickly. The SPAC route offers the firm a fast-track entry into public markets, combining capital infusion with market visibility to fuel its next stage of growth.