RACC merger with Oak Hill Bio
Oak Hill Bio (legal name OHB Pediatrics Ltd., a company incorporated under the laws of England and Wales, formed 2024 as a subsidiary of Oak Hill Bio Holdings; press-release dateline Cambridge and New York, US … (United States)Pre-revenue: the filings show no meaningful actual revenue for the most recent reported period.
Announced 27 July 2026.
+140% premium — floor is $10!
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
Effective equity counts every claim on the post-close company at $10.00 — rollover, public shares, the founder promote and the PIPE. The headline counts only the target.
- PIPE
- ≈ $55M · unsourced
- Sponsor promote
- 15%
- Exchange ratio
Adjusted Equity Value = Base Equity Value of $160,000,000 plus the Company SAFE Amount; Exchange Ratio derived from the Closing Considerationmore ▾less ▴
Oak Hill Bio Series A investors including Balyasny Asset Management, Janus Henderson Investors, KCap Biotechnology Fund and venBio, plus new investors ADAR1 Capital Management, Affinity Asset Advisors, Ally Bridge Group, BVF Partners, Great Point Partners, Logos Capital, SilverArc Capital and Trails Edge Capital Partners. RA Capital Healthcare Fund and RA Capital Nexus Fund IV funded the $45M SAFEmore ▾less ▴
PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.
the term “ Lock-up Period ” means the period beginning on the Closing Date and ending on the date six (6) months after the Closing Datemore ▾less ▴
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: Oak Hill Bio (OHB Pediatrics Ltd.)
from S-4The business actually being bought — described from SEC primary filings, with projections labelled as projections.
Oak Hill Bio (legal name OHB Pediatrics Ltd., a company incorporated under the laws of England and Wales, formed 2024 as a subsidiary of Oak Hill Bio Holdings; press-release dateline Cambridge and New York, US, with a UK Oxford-area mainline) is a clinical-stage, pre-revenue rare-disease biotech whose model is acquiring late-stage drugs deprioritized by big pharma. Its sole disclosed program is rugonersen (OHB-724), an antisense oligonucleotide licensed globally from Roche in February 2025 that unsilences the paternal UBE3A allele in CNS neurons to treat Angelman syndrome (~15,000 diagnosed patients in each of the US and EU5; no approved disease-modifying therapy); the pivotal Phase 3 BEACON trial (NCT07605429) dosed its first patient in July 2026, with Phase 3 readout and potential NDA submission targeted for 2H2029. CEO Josh Distler (J.D.); CFO Ike Greenstein; COO Sharon Morriss, Ph.D.; CMO Brenda Vincenzi, M.D.; several former Roche rugonersen program members joined to lead development. Backers: $32.5M Series A from Balyasny, Janus Henderson, KCap Biotechnology Fund and venBio; RACC is sponsored by RA Capital Management, whose partner Matthew Hammond is RACC CEO; former Avidity Biosciences CFO Mike MacLean stays on the post-close board. It is a development-stage company with no product revenue - the transaction's entire value rests on one Phase 3 asset.
Founded 2024.
The filings show no meaningful actual revenue for the most recent reported period.
Oak Hill Bio (OHB Pediatrics Ltd.) — every SPAC that has bid for it, and its listed peers
Expensive or cheap?
vs 6 listed peersA price only means something next to what the same kind of business costs on the stock market. This divides what the buyers are paying by what Oak Hill Bio (OHB Pediatrics Ltd.) actually sells, and sets the answer against its closest listed comparables — or says plainly when that cannot be done.
SpacBrain’s read on the price
No multiple can be computed
Oak Hill Bio (OHB Pediatrics Ltd.) has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $302.7M.
The company reports no meaningful sales yet, so there is nothing to divide the price by.
Post-dilution equity (net debt unknown).
No meaningful revenue in the most recent reported period.
Not computable — the filings show no meaningful revenue for the most recent reported period.
$1 of their sales costs $7.79 on the open market. Median of 6 listed companies we judged a true comparable, which individually run from 3.52× to 62.71×. Their share prices are from 14 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $302.7M, not the announced $160M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- LGND, DSGN, QNRX, KYNB, TSHA, KRRO, COGT, TPST, QNCX, IMMX, NGNE have no revenue to divide by, so they are shown but left out of the peer median.
The 17 listed companies it is measured against, and why
- IONS10.72× revenue
Ionis is the antisense-oligonucleotide category leader and is advancing ION582, a directly competing ASO for Angelman syndrome - both the technology comp and the named rival in the same indication.
- LGNDno revenue multiple
Operational comp: Pharmaceuticals (NEC); mid-cap ($3.7bn); shares ohb, roche, late, stage, partner, incorporated with the target's own description; forward EV/Sales 19.3x.
- RARE4.9× revenue
Ultragenyx is a rare-disease pure-play developing GTX-102, the other late-stage competing ASO for Angelman syndrome - the closest strategic and indication rival.
- DSGNno revenue multiple
Operational comp: Biotechnology & Medical Research (NEC); small-cap ($534m); shares modifying, disease, phase, program, trial, biotechnology with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- STOK62.71× revenue
Stoke Therapeutics is a clinical-stage ASO company (zorevunersen) for a severe pediatric neurodevelopmental epilepsy (Dravet) - near-identical modality-plus-indication profile and stage.
- QNRXno revenue multiple
Operational comp: Biotechnology & Medical Research (NEC); small-cap ($757m); shares former, rare, syndrome, treat, disease, potential with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- ACAD3.52× revenue
Acadia commercialized DAYBUE (trofinetide) for Rett syndrome, the benchmark for what a first approved therapy in a rare neurodevelopmental disorder earns commercially.
- WVE8.84× revenue
Wave Life Sciences - clinical-stage oligonucleotide platform across CNS rare diseases; comparable pre-revenue ASO developer valuation anchor.
- KYNBno revenue multiple
Operational comp: Pharmaceuticals (NEC); micro-cap ($36m); shares phase, bio, disease, rare, syndrome, approved with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- PTCT6.74× revenue
PTC Therapeutics - commercial-stage rare-disease neurology company built on acquiring/developing niche CNS assets, the model Oak Hill Bio aspires to.
- TSHAno revenue multiple
Operational comp: Bio Therapeutic Drugs; small-cap ($1.6bn); shares dosed, rare, syndrome, program, stage, therapy with the target's own description; forward EV/Sales 769.7x.
- KRROno revenue multiple
Operational comp: Biotechnology & Medical Research (NEC); micro-cap ($75m); shares oligonucleotide, bio, modifying, rare, disease, potential with the target's own description; forward EV/Sales 195.4x.
- COGTno revenue multiple
Operational comp: Bio Therapeutic Drugs; mid-cap ($6.2bn); shares disease, rare, cns, phase, biosciences, biotechnology with the target's own description; forward EV/Sales 525.3x.
- TPSTno revenue multiple
Operational comp: Biotechnology & Medical Research (NEC); micro-cap ($14m); shares pivotal, program, rare, stage, late, biotechnology with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- QNCXno revenue multiple
Operational comp: Biotechnology & Medical Research (NEC); micro-cap ($187m); shares whose, modifying, disease, phase, syndrome, patients with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- IMMXno revenue multiple
Operational comp: Bio Therapeutic Drugs; micro-cap ($277m); shares nct, phase, therapy, stage, program, lead with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
- NGNEno revenue multiple
Operational comp: Biotechnology & Medical Research (NEC); small-cap ($319m); shares syndrome, disease, rare, phase, stage, biotechnology with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.
Which companies count as comparable is our judgement, written out above so you can disagree with it. The median is what these shares happened to trade at on the date given — not a price anyone is offering for this deal.
In plain English
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.