Dr Ashleys Limited, a Hong Kong-based global pharmaceutical company, announced on June 23, 2025, the execution of a strategic merger agreement with Impact BioMedical Inc. (NYSE American: IBO), a Texas-based biopharmaceuticals developer. The reverse merger transaction, finalized on June 21, 2025, will create a combined entity traded on the NYSE American under the name "Dr Ashleys Limited."
The strategic combination brings together Dr Ashleys' manufacturing expertise and global distribution network with Impact BioMedical's extensive intellectual property portfolio of over 90 patents. Both companies share a focus on addressing critical health challenges across infectious diseases and chronic conditions.
Leadership Vision for Global Health Impact
Dr. Kanans Visvanats, Director of Dr. Ashleys Limited, emphasized the merger's potential to accelerate therapeutic development: "This merger represents a significant milestone in our journey to bring innovative pharmaceutical treatments to patients worldwide. By integrating Impact Biomedical's impressive IP portfolio into our R&D efforts, we are poised to accelerate the development of groundbreaking therapies and expand our Impact on global health."
Frank D. Heuszel, CEO of Impact Biomedical Inc., highlighted the strategic value of the partnership: "We are thrilled to join forces with Dr. Ashleys Limited. Their global reach and financial strength will provide the resources and infrastructure needed to bring our innovations to market, ultimately benefiting people around the world."
Manufacturing Scale and Patent Portfolio
Dr Ashleys brings significant manufacturing capabilities to the merger, currently providing over 300 million annual medical doses to disease epicenters worldwide. The company operates under the leadership of Dr. Kanans Visvanats FRSC, a second-generation pharmaceutical and chemical engineer, and holds more than a dozen manufacturing patents focused on reducing the cost of both generic and patented drug production.
Impact BioMedical contributes a robust intellectual property portfolio of 90+ patents spanning various therapeutic areas. The company's research and development efforts focus on innovative health and wellness solutions addressing unmet medical needs.
Therapeutic Focus Areas
Both companies demonstrate expertise across overlapping critical health areas, including malaria, cancer, gastrointestinal disorders, acute respiratory infections, COVID-19, dengue fever, tuberculosis, and other infectious diseases. Dr Ashleys specializes in the development and manufacturing of specialized active pharmaceutical ingredients (APIs) and orphan drugs for rare diseases.
Transaction Structure and Regulatory Requirements
Under the merger agreement terms, a Nevada-incorporated subsidiary will merge with Impact BioMedical, with Impact BioMedical surviving as the operating entity. Simultaneously, the newly formed public company (PubCo) will acquire all outstanding shares of Dr Ashleys Bio Labs Limited, a Cayman Islands company holding Dr Ashleys' shares.
The Boards of Directors of both companies have unanimously approved the transaction, subject to Impact BioMedical shareholder approval and satisfaction of standard closing conditions. These include regulatory approvals, an effective SEC registration statement on Form F-4 or S-4, and New York Stock Exchange listing approval.
Advisory Teams and Next Steps
BMI Capital LLC serves as M&A and Capital Markets advisor to Dr Ashleys, while Robinson & Cole LLP and Harney Westwood & Riegels provide U.S. and Cayman Islands legal counsel, respectively. Impact BioMedical is advised by Sichenzia Ross Ference Carmel LLP for legal matters and Revere Securities LLC for M&A advisory services.
The combined entity will be operated by Dr Ashleys' management team, with a new Board of Directors to be assembled by Dr Ashleys. Additional transaction details will be provided in SEC filings, including a Current Report on Form 8-K and a comprehensive registration statement.
