The clinical-stage biomedical company SL Bio Ltd. and special purpose acquisition company (SPAC) Horizon Space Acquisition II Corp. (Nasdaq: HSPT) have signed a definitive business combination agreement that will create a publicly traded entity focused on advanced cellular and gene therapies for cancer treatment and regenerative medicine.
Upon completion of the transaction, the combined company, operating under SL Science Holding Limited, will be listed on the Nasdaq Stock Market. The deal is expected to close by late 2025, subject to regulatory and shareholder approvals.
Innovative Cancer Treatment Platforms
SL Bio's core technology platforms center on next-generation immunotherapies designed to enhance the body's natural immune response against cancer while reducing risks associated with traditional approaches. The company has developed two proprietary platforms:
- Armed-T cell technology: An engineered T-cell therapy designed to target specific cancer cells
- Gamma Delta T (GDT) cell technology: Originally pioneered by Dr. Ethan Shen and further developed in collaboration with Taipei Medical University
These platforms target high-need oncology indications including blood cancers, pancreatic cancer, and glioblastoma, with a focus on creating treatments that are safer, more accessible, and more personalized than conventional options.
"Our goal is to make next-generation cellular therapies affordable, off-the-shelf, and available to patients worldwide," said William Wang, Chief Executive Officer and Chairman of SL Bio, who will continue to lead the combined company. "We are building a new standard in cancer treatment focused on scalability, cost-effectiveness, and compassion."
Expanding Beyond Oncology
Beyond its cancer-focused pipeline, SL Bio is advancing regenerative applications through two key technologies:
- Cow milk-derived exosomes rich in bioactive molecules
- Citrus reticulata (tangerine) extract with regenerative properties
These natural compounds are incorporated into ISO-certified, dermatologically tested products for skin and hair care, providing cell-free solutions for tissue repair and rejuvenation. The company has established commercial partnerships and distribution agreements to expand access to these products throughout Asia.
Strategic Rationale for the Merger
The business combination provides SL Bio with access to public markets and additional capital to accelerate its clinical programs and commercial initiatives. For Horizon Space Acquisition II Corp., the transaction represents an opportunity to deliver value to shareholders by partnering with an innovative biotech company addressing significant unmet medical needs.
"We are thrilled to announce that HSPT has signed a merger agreement with SL Bio," said Mingyu "Michael" Li, Chief Executive Officer and Chairman of HSPT. "The achievements demonstrated by SL Bio in the field of cellular therapy align perfectly with our vision to redefine the future of healthcare."
Transaction Details
Under the terms of the agreement, SL Bio and Horizon Space Acquisition II Corp. will become wholly-owned subsidiaries of the newly formed SL Science Holding Limited. Shareholders of both companies will receive ordinary shares of the combined entity.
The leadership team of the combined company will include:
- William Wang as Chief Executive Officer and Chairman
- Johnson Lau as Chief Financial Officer
- Dr. Ethan Shen as Chief Technology Officer
Market Opportunity and Differentiation
The cellular therapy market for oncology is projected to grow significantly in the coming years, driven by increasing cancer incidence and the limitations of conventional treatments. SL Bio's approach differentiates itself through:
- Enhanced safety profiles compared to traditional CAR-T therapies
- Improved manufacturing scalability for greater patient access
- Potential for "off-the-shelf" availability, reducing production time and costs
- Broader applications beyond oncology into regenerative medicine
The company's dual focus on both therapeutic applications and consumer health products provides multiple revenue streams and commercialization pathways.
Scientific Foundation
SL Bio's therapeutic approach is built on the principles of translational medicine, bridging laboratory discoveries with clinical applications. The company's Gamma Delta T cell platform leverages a specialized subset of T cells that can recognize and target cancer cells without requiring the genetic engineering needed for conventional CAR-T therapies.
This approach potentially offers several advantages:
- Reduced risk of cytokine release syndrome, a serious side effect of many cellular therapies
- Greater versatility in targeting multiple cancer types
- Simplified manufacturing process compared to personalized cell therapies
- Potential for repeat dosing due to improved safety profile
Path Forward
Following the merger, the combined company plans to advance its lead therapeutic candidates through clinical development while expanding its regenerative medicine product line. The public listing is expected to enhance SL Bio's ability to attract strategic partnerships and accelerate its growth trajectory.
"By listing on Nasdaq, we secure resources to scale our innovations globally, attract world-class partners, and deliver life-changing therapies to patients in need," Wang added. "Our therapies for pancreatic cancer, glioblastoma, and blood cancers offer safer, more accessible, and more personalized alternatives to traditional treatments."
The transaction represents a significant milestone in SL Bio's mission to transform cancer care and regenerative medicine through innovative cellular and gene therapy technologies.
