SPAC Research Alliance Corp III to Acquire Oak Hill Bio in $160M Deal, Backed by $100M in Committed Financing
RACC is trading near its 52-week low of $10.21 (14% above the low) on light trading volume (0.1× avg).
Summary
SPAC Research Alliance Corp III (RACC) has unveiled a definitive agreement to acquire Oak Hill Bio in a deal valued at $160 million, supported by $100 million in committed financing. The combined company will focus on advancing rugonersen, a Phase 3 antisense oligonucleotide for Angelman syndrome.
Key Events · M&A and Partnerships · RACC
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Definitive Business Combination Agreement Signed
On July 26, 2026, RACC entered into a Business Combination Agreement to acquire 100% of OHB Pediatrics Ltd. (Oak Hill Bio) in exchange for newly issued shares, with a base equity value of $160 million. The transaction is expected to close in the second half of 2026.
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$100 Million Committed Financing Package
Concurrent with the agreement, RA Capital provided a $45 million SAFE investment (8% interest, convertible at closing), and a $55 million PIPE was secured from institutional investors at $10.00 per share. RA Capital also backstopped up to $75 million of potential SPAC redemptions.
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Post-Closing Structure and Governance
The combined company will be renamed Oak Hill Bio, Inc., trade on Nasdaq under ticker OAKH, and be led by Oak Hill Bio's CEO Josh Distler. The board will consist of six directors, and an equity incentive plan reserving 15% of outstanding shares will be adopted.
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Lock-Up Agreements for Key Shareholders
The sponsor, certain existing RACC shareholders, and certain Oak Hill Bio shareholders will be subject to a six-month lock-up period post-closing, restricting transfers of their shares.
Analysis · RACC · Real Estate & Construction
A definitive agreement will see Research Alliance Corp III (RACC) acquire Oak Hill Bio, a clinical-stage biotech advancing rugonersen for Angelman syndrome. The transaction values Oak Hill at $160 million and is fortified by a $45 million SAFE investment from RA Capital, a $55 million PIPE priced at $10.00 per share, and a backstop of up to $75 million to cover any SPAC redemptions. This move transforms RACC from a blank-check company into a rare-disease therapeutics platform anchored by a Phase 3 asset. Closing is anticipated by year-end 2026, pending shareholder and regulatory approvals, after which the combined entity will be renamed Oak Hill Bio, Inc. and trade on Nasdaq under the ticker OAKH.
At the time of this filing, RACC was trading at $11.67 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $100.3M. The 52-week trading range was $10.21 to $12.86. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.