RA Capital backs Oak Hill Bio's Nasdaq debut via $175 million SPAC merger

RA Capital announced that its SPAC, Research Alliance Corporation III, will merge with Oak Hill Bio, creating a new Nasdaq-listed rare-disease company.

The combined entity will start with $175 million in cash, comprising $75 million from the SPAC trust and a $100 million private financing from RA Capital.

Oak Hill Bio recently raised $32.5 million in a Series A round to advance its lead antisense oligonucleotide candidate, rugonersen (OHB-724), toward a Phase 3 readout and an NDA expected in 2029.

Rugonersen targets Angelman syndrome, a rare genetic disorder affecting roughly one in 15,000 births, by restoring expression of the UBE3A protein that is deficient in patients.