DRC Medicine Ltd., a healthcare and biotechnology company based in Tokyo, Japan, has announced a business combination agreement with Ribbon Acquisition Corp., a special purpose acquisition company. The agreement involves a series of transactions, including the acquisition of DRC Medicine's shares by an intermediate holding company in Japan, followed by a share exchange that will make DRC Medicine a wholly-owned subsidiary of this holding company. Subsequently, Ribbon will merge with DRC Merger Inc., a subsidiary of DRC Medicine, resulting in DRC Medicine becoming a publicly-traded company. The transaction values DRC at a pre-money equity value of $350 million and is expected to provide access to approximately $50 million in cash from Ribbon's IPO proceeds, pending certain conditions.