SL Bio completes SPAC merger, lists on Nasdaq as SL Science
SL Bio Ltd., a Taiwan-headquartered developer of gamma delta T cell therapies for solid tumours, has completed its business combination with blank-cheque vehicle Horizon Space Acquisition II Corp. The combined entity, SL Science Holding Limited, is expected to begin trading on the Nasdaq Global Market under the ticker symbol "SLBT" from 15 June 2026.
The transaction carries an implied equity valuation of approximately $5.57 billion for SL Bio and closed alongside a $7.8 million PIPE financing. The company said the listing grants it direct access to US institutional capital markets, which it intends to use to advance its lead gamma delta T (GDT) cell platform into planned clinical trials targeting solid tumour indications, including pancreatic and brain cancers.
The deal
The business combination was initially approved by Horizon Space shareholders at an extraordinary general meeting held on 12 February 2026. Under the deal structure, SL Bio and Horizon Space have become wholly owned subsidiaries of SL Science Holding Limited, a Cayman Islands holding company.
William Wang, chief executive officer and chairman of SL Science, described the Nasdaq listing as a "transformative milestone" and drew an analogy to the semiconductor industry, arguing that cell therapy's commercial potential depends on achieving standardisation and scalable manufacturing rather than technological novelty alone. The company says it intends to reposition cell therapy from a highly customised medical procedure into a modular, reproducible platform.
SL Science has also formalised its leadership team and board ahead of its public debut. Ray Leung joins as chief financial officer and Ethan Shen, Ph.D., takes the role of chief technology officer and director. The newly constituted board includes independent directors with backgrounds spanning cross-border corporate governance, investment banking, and SOX compliance.
Market context and competitive landscape
SL Bio's core proposition rests on the "off-the-shelf" model for GDT cell therapies: manufacturing allogeneic products in advance rather than producing bespoke therapies from each patient's own cells. This approach directly addresses the production bottlenecks and high per-patient costs that have constrained autologous cell therapy programmes commercially.
The allogeneic cell therapy space is competitive and well-capitalised. A number of clinical-stage companies, including those focused on natural killer cells and engineered T cell products, are pursuing similar off-the-shelf strategies for solid tumours, an indication category where cell therapy has historically struggled to match the efficacy seen in haematological cancers. Solid tumour immunosuppression, antigen heterogeneity, and poor T cell infiltration remain active scientific challenges that no company has yet resolved at scale in a commercially approved product.
The $5.57 billion implied valuation is notable for a company whose GDT programme is described as being in preclinical development. SPAC transactions have historically applied generous valuations to early-stage biotechs, and investors will closely watch for the release of preclinical data and an IND filing timeline as the nearest-term catalysts to justify that figure.
The PIPE element, at $7.8 million, is relatively modest relative to the implied valuation, which may prompt questions from institutional investors about the depth of third-party validation of the company's technology. SL Science said it also intends to use its public currency to pursue strategic acquisitions and global licensing partnerships.