Taiwan-based biotechnology firm SL Bio Ltd. has filed a Form F-4 with the U.S. Securities and Exchange Commission to advance its merger with Horizon Space Acquisition II Corp. (NASDAQ:HSPT), a deal that would take the company public via a SPAC rather than a traditional IPO.

Under the proposed transaction, SL Bio will acquire Horizon Space Acquisition II at an implied equity valuation of about $5.7 billion. The combined company will operate as SL Science Holding Limited and trade under the ticker SLBT, with SL Bio serving as the primary operating business and ...