PrimeGen US, a biotechnology company focused on regenerative medicine, has agreed to merge with special purpose acquisition company DT Cloud Star Acquisition Corporation in a transaction valuing the firm at approximately $1.5 billion. The deal is intended to take the company public and secure funding to advance development of its stem cell and exosome therapies.
The proposed business combination, announced February 2, 2026, would provide PrimeGen US access to capital markets to support clinical research, regulatory activities and, if successful, eventual commercialization of its lead programs. The merged entity is expected to operate under the PrimeGen US name and list on the Nasdaq under a new ticker symbol, subject to exchange approval.
Completion of the transaction remains contingent on shareholder approvals from both companies, regulatory clearances, minimum cash requirements and other customary closing conditions. The companies currently anticipate the deal closing in the second half of 2026, though timing is not guaranteed.
PrimeGen US is developing regenerative therapies based on its Triple Activated Mesenchymal Stem Cell (MSC) platform, which aims to treat acute liver injury and related life-threatening conditions. The company’s research builds on nearly two decades of stem cell technology development. Preclinical studies in animals have shown biological activity, and the company recently completed a pre-Investigational New Drug (Pre-IND) meeting with the U.S. Food and Drug Administration in December 2025 for acute alcoholic hepatitis, a severe form of liver failure.
The firm plans to initiate clinical trials pending regulatory authorization, although there is no assurance regulators will allow studies to proceed or that preclinical results will translate into clinical success.
Daniel Chiu, co-CEO and chairman of PrimeGen US, said entering public markets could expand resources needed to advance its programs and strengthen its position in regenerative medicine. Co-CEO Wai Szeto added that the company believes its MSC platform is differentiated and positioned for the next stage of development, subject to regulatory review.
DT Cloud Star Chairman and CEO Sam Zheng Sun said the SPAC sees potential in PrimeGen’s technology to address difficult-to-treat diseases such as acute liver failure and to tap a large unmet medical need.
The announcement highlights continued investor interest in cell-based therapies, a sector aiming to repair damaged tissues rather than manage symptoms, though many such treatments remain early in clinical development and carry significant regulatory and scientific risks.