Rare disease drug development, IPO pricing, and early-stage oncology financing all moved forward this week as companies across the biotech landscape lined up fresh capital to advance their pipelines.

Oak Hill Bio to combine with RACC

Oak Hill Bio, a clinical-stage rare disease therapeutics company, and Research Alliance Corporation III’s (RACC), a special purpose acquisition company sponsored by RA Capital Management, entered into a definitive business combination agreement.

Upon closing, which is expected by the end of 2026 and is subject to customary closing conditions, RACC will redomesticate as a Delaware corporation, renaming itself Oak Hill Bio, Inc., and listing its common stock on the Nasdaq Capital Market under the ticker "OAKH."¹

The transaction is expected to provide Oak Hill Bio with approximately $175 million in gross proceeds before expenses, including $75 million of cash in RACC's trust account fully backstopped by RA Capital and a $100 million committed private financing.¹ Of the $100 million, $45 million was funded by RA Capital at signing through a SAFE investment in Oak Hill Bio, with the remainder set to be funded at closing through an oversubscribed PIPE in RACC priced at $10.00 per share.¹

PIPE participants include Oak Hill Bio's Series A investors Balyasny Asset Management, Janus Henderson Investors, KCap Biotechnology Fund, and venBio, along with new investors ADAR1 Capital Management, Affinity Asset Advisors, LLC, Ally Bridge Group, BVF Partners, Great Point Partners, LLC, Logos Capital, SilverArc Capital, and Trails Edge Capital Partners.¹

Oak Hill Bio is developing Rugonersen, an investigational ASO therapy for Angelman syndrome, currently in the pivotal Phase III Beacon clinical trial (NCT07605429), which dosed its first patient in July 2026.¹

"We are excited to announce a business combination with Research Alliance Capital III and partnering with RA Capital," said Josh Distler, chief executive officer of Oak Hill Bio. "The resources provided by this amazing group of investors will enable us to continue to aggressively develop Rugonersen. We have dosed the first patient in the Phase III Beacon trial and look forward to evaluating the potential of Rugonersen to meaningfully impact the lives of patients living with Angelman syndrome and their families."

Apnimed prices IPO ahead of Oxnimbi launch

Apnimed plans to raise $150 million by offering 10 million shares at a price range of $14 to $16.¹ At the midpoint of that range, the company would command a fully diluted market value of $665 million, and would list under the Nasdaq under the symbol APMD.²

Apnimed's sole clinical candidate, AD109 (Oxnimbi), is a fixed-dose, anti-apneic neuromuscular modulator combining a novel anti-muscarinic and a selective norepinephrine reuptake inhibitor for the treatment of obstructive sleep apnea.² It is designed to improve upper airway muscle activity and prevent airway collapse during sleep.

Oxnimbi was most recently studied in 1,300 patients across multiple Phase III trials, and the company has since submitted an NDA for the treatment back in April.²

CORE Biomedicine closes $21 Million Series A for lineage-based oncology platform

CORE Biomedicine, a biotechnology company pioneering lineage-based precision oncology therapeutics, completed a $21 million Series A financing.

The round, co-led by UTokyo Innovation Platform Co., Ltd. and Elikon Venture, also had participation from InnoPinnacle Fund, Mitsubishi UFJ Capital Co., Ltd., Suzhou Capital Group Co., Ltd., CD Capital, YuanBio Venture Capital, Vision Incubate Co., Ltd., and Root Venture Partners.³

CORE's lineage-based approach is designed to identify and target core oncology drivers with precision while expanding the potential patient populations that may benefit from these novel therapies.³ In addition to the venture financing, CORE Biomedicine Japan, a wholly owned subsidiary, has been awarded a grant under the Strengthening Program for Pharmaceutical Startup Ecosystem, a competitive initiative run by the Japan Agency for Medical Research and Development to accelerate innovative biotech companies and support Japan's biopharma ecosystem. The grant supports CORE's research and development activities while strengthening collaborations with Japanese universities, hospitals, and the broader biopharma community.³ Together, these resources will advance CORE's lead programs through discovery and early clinical development.

"This venture financing and AMED's support represent a major milestone for CORE Biomedicine and validate our vision for a new generation of oncology medicines," said Dr. Ping Zhu, co-founder and chief executive officer of CORE Biomedicine. "We are grateful to our investors and partners as we advance our programs toward the clinic with the goal of bringing transformative therapies to patients globally."

Sources

1. Oak Hill Bio and Research Alliance Corporation III Announce Business Combination Agreement to Create Publicly Listed Rare Disease Biotechnology Company to Advance Antisense Oligonucleotide Therapy Rugonersen for Angelman Syndrome Oak Hill Bio July 27, 2026 https://www.globenewswire.com/news-release/2026/07/27/3333485/0/en/oak-hill-bio-and-research-alliance-corporation-iii-announce-business-combination-agreement-to-create-publicly-listed-rare-disease-biotechnology-company-to-advance-antisense-oligonu.html
2. Obstructive Sleep Apnea pharma Apnimed sets terms for $150 million IPO Apnimed July 27, 2026 https://www.renaissancecapital.com/IPO-Center/News/120696/Obstructive-Sleep-Apnea-pharma-Apnimed-sets-terms-for-$150-million-IPO
3. CORE Biomedicine Secures $21 Million Series A Venture Financing and Receives AMED Grant Award to Advance Novel Cancer Therapeutics CORE Biomedicine July 28, 2026 https://www.prnewswire.com/news-releases/core-biomedicine-secures-21-million-series-a-venture-financing-and-receives-amed-grant-award-to-advance-novel-cancer-therapeutics-302836054.html