Bellevue Life Sciences Acquisition Corp. (Nasdaq: BLAC) has signed a non-binding letter of intent (LOI) to combine with global healthcare holding company OSR Holdings, Ltd.
Seoul, South Korea-based OSR leverages its international network of partners in the US, Europe, and South Korea to develop and license its pipeline of innovative biomedical therapies based on proprietary platform technologies, with the ultimate goal of addressing unmet medical needs.
Although Bellevue did not provide much information on the potential transaction, it expects to finalize the definitive agreement within the coming weeks and will announce additional details at that time. With a November 14 completion deadline, the parties intend to complete the business combination in the fourth quarter of 2023.
Upon completion of the business combination, the surviving company will be renamed OSR Biosciences, Inc.
OSR Holdings currently wholly owns three operating subsidiaries in Switzerland and South Korea, two of which are focused on developing therapeutic drugs in the areas of oncology and osteoarthritis, and the third is a distributor of medical devices for the treatment of neurovascular and other diseases.
Additionally, OSR Holdings signed a separate LOI on July 7 to acquire Landmark BioVentures AG, a Swiss company that operates through four different biotech ventures in France with therapeutic focuses on oncology and immunology.
Bellevue Life Sciences priced its $60 million IPO earlier this year in February and initially set out to acquire a target business in the healthcare industry, specifically in the biotechnology sector developing the next generation of biologics. The SPAC is led by CEO Kuk Hyuon Hwang, CFO David J. Yoo, and Nominee for Chairman of the Board Steven Reed.
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