RF Acquisition Corp II shareholders approved the proposed combination in August 2026. The merger remains unfinished.
The deal would value Singapore biotech Nanyang Biologics at between US$1.5 billion and US$2.2 billion. The startup says it wants to raise capital for its AI-driven drug-discovery platform and a potential first-in-class cancer treatment. That range is a proposed transaction valuation, not a confirmed market capitalization.
SEC filings document the proposed combination. RF Acquisition Corp II filed Forms 8-K dated Aug. 14 and Aug. 20, 2026. A Form 425 filed Aug. 20 also records corporate disclosures around the deal. The filings are available through the SEC’s EDGAR database.
Nanyang Biologics says its valuation reflects a proprietary agentic AI platform developed in Singapore and the potential of its cancer treatment. The therapy remains a candidate, not a demonstrated patient benefit. No clinical outcomes are described, and the proposed valuation comes without company financial metrics or a breakdown of the transaction consideration.
The company is seeking funding to bring its platform to global markets. Founder Roland Ong said investor interest in biotech has returned, with AI contributing to the renewed attention.
The proposed deal follows another Singapore company’s push toward US markets: DayOne Data Centers’ US IPO pursuit. The companies work in different sectors, but both are seeking access to US public markets.
RF Acquisition Corp II filed a quarterly Form 10-Q on Aug. 7, 2026. It also filed a Schedule 13G dated Sept. 4, 2026, as it continued public reporting. Trading in the SPAC’s shares resumed on Oct. 13, 2026, following a suspension, Business Insider reported. That resumption was a separate market event and did not complete the merger. Nanyang Biologics’ route to Nasdaq remains subject to completion of the corporate combination.
