RA Capital launches rare disease company Oak Hill Bio onto Nasdaq via SPAC

Biotech RA Capital launches rare disease company Oak Hill Bio onto Nasdaq via SPAC By Will Maddox Jul 27, 2026 3:25pm RA Capital Oak Hill Bio special purpose acquisition company genetic diseases Rare disease biotech Oak Hill is headed to the Nasdaq through a SPAC merger with RA Capital-sponsored Research Alliance Corporation III (RACC), hoping to pave a cash runway for a rare genetic disease candidate. The new entity will be called Oak Hill Bio and will launch with $175 million in cash, which includes $75 million from RACC’s trust account and a $100 million private financing from RA, according to a Monday release. The new funding will accompany Oak Hill’s recent $32.5 million series A financing to propel the development of rugonersen (OHB-724) through a phase 3 readout and NDA submission planned for 2029. Rugonersen is an antisense oligonucleotide (ASO) for the treatment of Angelman syndrome, which causes severe developmental delays, issues with balance and movement, and speech limitations. Angelman syndrome occurs in one in 15,000 births, according to the Angelman Syndrome Foundation. Roche originally developed rugonersen as a therapy to restore neuronal ubiquitin protein ligase E3A (UBE3A) expression, and Oak Hill licensed the asset in early 2025. Deletions and mutations in the maternal UBE3A allele cause Angelman syndrome and UBE3A is required for normal brain development and function. The drug is designed to bind to the UBE3A-ATS transcript and degrade it in the central nervous system to un-silence the UBE3A paternal allele, potentially improving neuronal functioning. “Oak Hill Bio combines compelling science, a management team with a broad range of experience, and an extremely promising rare disease asset, making for a solid foundation for continued success,” said Matthew Hammond, Ph.D., partner at RA Capital and CEO and director of RACC, in a release. Rugonersen will be in the running with Ultragenyx’s GTX-102 and Ionis Pharmaceuticals’ breakthrough designated ION582, both of which are in phase 3 studies for patients with Angelman syndrome as well. Takeda spun out Oak Hill in 2022 with two assets obtained from the Japanese pharma's $62 billion takeover of Shire in 2019. Oak Hill Bio CEO Josh Distler will serve as CEO of the combined company. The deal is expected to close by the end of the year, with the new entity trading under the ticker symbol OAKH. “The resources provided by this amazing group of investors will enable us to continue to aggressively develop rugonersen,” Distler said via release. “We have dosed the first patient in the phase 3 BEACON trial and look forward to evaluating the potential of rugonersen to meaningfully impact the lives of patients living with Angelman syndrome and their families.” RA Capital Oak Hill Bio special purpose acquisition company genetic diseases Angelman syndrome Deals Biotech