Oak Hill Bio
Definitive (DA signed)Pre-revenueHealth Care · pediatric biopharmaceuticals · Cambridge, United States · founded 2024
- What it is
- In-licenses deprioritized late-stage rare-disease assets (rugonersen from Roche, Feb-2025) and funds pivotal development toward approval; no commercial products or revenue - financed by Series A, RA Capital SAFEs and the SPAC/PIPE proceeds.
- What it’s doing now
- Merging with Research Alliance Corp III (RACC) — definitive (da signed), announced Jul 27, 2026.
- What you should know
- It reports no meaningful revenue yet — this deal is priced on a story, not on financials. The real share count puts the effective valuation 89% above the announced $160M.
The business, per its filings
SEC primaryOak 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.
Source: S-4, accession 0001193125-26-363800 · as of Jul 27, 2026 · extraction confidence: high
What the company says about itself
Web research — not auditedClinical-stage biotech 'taking the baton' on deprioritized late-stage rare-disease drugs; single pipeline program rugonersen for Angelman syndrome; team of 4 named executives; WSJ Pro (June 2026) covered it 'squaring off against big rivals' in Angelman treatment.
- Markets:
- Rare-disease therapeutics; Angelman syndrome
- Products:
- Rugonersen (OHB-724), investigational Phase 3 antisense oligonucleotide for Angelman syndrome; global rights obtained February 2025
Source: https://oakhillbio.com · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Oak Hill Bio is merging with Research Alliance Corp III (RACC), a $75M SPAC currently marked Deal announced and trading at $11.60 against $10.00 in trust per share.
| Headline equity value | $160M |
| Effective valuation (all shares) | $303M+89% vs headline |
| Sponsor promote | 14.5% |
| PIPE | ≈ $55M · unsourcedPIPE Financing (shares plus warrants with an exercise price) |
Structure per SEC accession(s) 0001193125-26-316954, 0001193125-26-346912. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
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 listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| IONS | Ionis Pharmaceuticals, Inc. | $9.5B | 10.7x | — | 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.more ▾less ▴ |
| LGND | Ligand Pharmaceuticals Incorporated | $3.7B | — | — | 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.more ▾less ▴ |
| RARE | Ultragenyx Pharmaceutical Inc. | $2.6B | 4.9x | — | 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.more ▾less ▴ |
| DSGN | Design Therapeutics, Inc. | $534M | — | — | 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.more ▾less ▴ |
| STOK | Stoke Therapeutics, Inc. | $2.0B | 62.7x | — | Stoke Therapeutics is a clinical-stage ASO company (zorevunersen) for a severe pediatric neurodevelopmental epilepsy (Dravet) - near-identical modality-plus-indication profile and stage.more ▾less ▴ |
| QNRX | Quoin Pharmaceuticals Ltd | $757M | — | — | 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.more ▾less ▴ |
| ACAD | ACADIA Pharmaceuticals Inc. | $4.8B | 3.5x | 40.7x | Acadia commercialized DAYBUE (trofinetide) for Rett syndrome, the benchmark for what a first approved therapy in a rare neurodevelopmental disorder earns commercially.more ▾less ▴ |
| WVE | Wave Life Sciences Ltd. | $1.1B | 8.8x | — | Wave Life Sciences - clinical-stage oligonucleotide platform across CNS rare diseases; comparable pre-revenue ASO developer valuation anchor. |
| KYNB | Kyntra Bio, Inc. | $36M | — | — | 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.more ▾less ▴ |
| PTCT | PTC Therapeutics, Inc. | $6.0B | 6.7x | 39.7x | PTC Therapeutics - commercial-stage rare-disease neurology company built on acquiring/developing niche CNS assets, the model Oak Hill Bio aspires to. |
| TSHA | Taysha Gene Therapies, Inc. | $1.6B | — | — | 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.more ▾less ▴ |
| KRRO | Korro Bio, Inc. | $75M | — | — | 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.more ▾less ▴ |
| COGT | Cogent Biosciences, Inc. | $6.2B | — | — | 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.more ▾less ▴ |
| TPST | Tempest Therapeutics Inc | $14M | — | — | 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.more ▾less ▴ |
| QNCX | Quince Therapeutics, Inc. | $187M | — | — | 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.more ▾less ▴ |
| IMMX | Immix Biopharma, Inc. | $277M | — | — | 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.more ▾less ▴ |
| NGNE | Neurogene Inc | $319M | — | — | 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.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 14, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Oak Hill Bio going public?
Oak Hill Bio has a signed merger with the SPAC Research Alliance Corp III (RACC), announced Jul 27, 2026. Deal status: Definitive (DA signed).
What is Oak Hill Bio's SPAC deal valuation?
The announced headline equity value is $160M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $303M, 89% above the headline.
Was Oak Hill Bio bought at an expensive or a cheap valuation?
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.
Does Oak Hill Bio have revenue?
No meaningful reported revenue in its most recent filed period — the deal is priced on a story and projections, not on financial results. Treat every valuation multiple accordingly.
Educational content, not investment advice.
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