India, June 30 -- DRC Medicine Ltd., an healthcare and biotechnology company based in Tokyo, Japan, announced that it has entered into a business combination agreement with Ribbon Acquisition Corp. (RIBB). The combined company is expected to be listed on NASDAQ Global Market.
The combined company is expected to have an implied initial pro forma equity value of approximately $422.15 million (assuming no redemptions). The transaction is also projected to deliver around $50.42 million in cash proceeds to DRC Medicine to support its business operations, including clinical trials and device certification.
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Current DRC Medicine shareholders will retain full own...