Singapore-based Nanyang Biologics Pte. Ltd. revealed Thursday it will go public in the U.S. via a merger with special purpose acquisition company RF Acquisition Corp. II, valuing the AI-driven biotech at $1.5 billion before the transaction.

The announcement marks a high-stakes entry into Wall Street for the company, which positions itself as a frontrunner in artificial intelligence-powered drug discovery. Nanyang says its crown jewel is “one of the world’s largest” AI-curated natural compound libraries, built in Singapore, and designed to accelerate breakthroughs in oncology, cardiovascular disease, and mental health treatments.

Breaking Barriers With AI Drug Discovery

Chairman Roland Ong framed the merger as a historic leap for the company.
“We are delighted to announce our business combination with RF Acquisition Corp II, marking an important milestone in Nanyang’s journey,” Ong said. “AI-driven drug discovery is breaking through barriers that have long hindered medicine, dramatically cutting R&D time and costs while opening new doors for humanity’s pursuit of longevity.”

SPACs—often called “blank-check companies”—raise capital through IPOs with the specific mission of merging with private firms and taking them public. For Nanyang, this vehicle offers a faster path to Nasdaq listings than a traditional IPO.

What the Combined Company Will Look Like

Once the deal is finalized, Nanyang intends to speed up discovery of next-generation drug molecules, while also mining natural sources for active ingredients that could power pharmaceuticals and traditional medicine.

The combined entity will remain under Ong’s leadership, with existing Nanyang shareholders—such as The9 and Mercatus Capital—retaining majority control. Nanyang will also have the power to nominate most board directors, ensuring its influence remains dominant.

RF Acquisition’s Chairman and CEO, Tse Meng Ng, praised the partnership.
“Nanyang has built a truly differentiated AI-powered platform with a strong therapeutic pipeline,” Ng said. “This transaction reflects our confidence in Nanyang’s ability to transform the future of medicine while delivering long-term value for patients and shareholders alike.”

Deal Timeline and Legal Teams

The deal is projected to close in the first or second quarter of 2026, pending regulatory and shareholder approvals.

Nanyang has tapped Winston & Strawn LLP as legal counsel, with Insight Law LLC advising from Singapore and Maples and Calder (Hong Kong) LLP handling Cayman Islands law. Legal representation for RF Acquisition Corp. II was not disclosed.