PRESS RELEASE
10 October 2025

Appleby Advises RF Acquisition Corp II On Its USD1.5 Billion Business Combination With Nanyang Biologics Pte. Ltd.

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Appleby

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Appleby is one of the world’s leading offshore law firms, operating in 10 highly regarded and well-regulated locations. We provide comprehensive, expert advice and services across a number of key practice areas. We work with our clients to achieve practical solutions whether from a single location or across multiple jurisdictions.
Appleby is pleased to announce that it acted as Cayman Islands legal counsel to RF Acquisition Corp II (RFAI), in its business combination with Nanyang Biologics Pte. Ltd. (NYB).
Cayman Islands

RFAI, a publicly traded special purpose acquisition company have entered into a business combination agreement with NYB an AI-driven drug discovery and biotechnology company. The proposed transaction gives NYB approximately USD1.5 billion in pre-transaction equity value. Following the closing, the combined company is expected to be listed on Nasdaq under the reserved ticker symbol “NYB“.

NYB has entered the business combination to accelerate the discovery of more effective drug molecules and identify active ingredients from natural sources for use in both pharmaceuticals and traditional medicine by utilising its AI platform accelerating therapeutic discoveries.

Appleby advised on all Cayman Islands legal aspects of the business combination, drawing on the firm’s deep expertise in M&A and capital markets regulation. The team was led by Counsel Alexandra Low, with Partner Simon Raftopoulos and other members of the corporate team.

Appleby remains a leading advisor on prominent SPAC and public-market transactions across the globe.

Contributor

Appleby is one of the world’s leading offshore law firms, operating in 10 highly regarded and well-regulated locations. We provide comprehensive, expert advice and services across a number of key practice areas. We work with our clients to achieve practical solutions whether from a single location or across multiple jurisdictions.

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