Zura Bio, a multi-asset clinical-stage biotechnology company focused on developing novel medicines for immune and inflammatory disorders, has announced the closing of its business combination with JATT Acquisition Corp NYSE:JATT, a special purpose acquisition company, on March 20, 2023.
The business combination was approved on March 16, 2023 by JATT’s shareholders. Upon the completion of the business combination, JATT changed its name to Zura Bio Limited, and beginning on March 21, 2023, the ordinary shares and warrants of the combined company are expected to begin trading under the new ticker symbols, “ZURA” and “ZURAW,” respectively, on the Nasdaq Capital Market.
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Zura Bio is a Cheshire, UK based biotech company. It is understood to have raised approximately USD 65m as part of the listing. The move is attracting interest as the biotech stock is avoiding a primary listing in the UK and following in the footsteps of Arm to list on a US exchange.
Net proceeds from the business combination and the private placement of ordinary shares of JATT will be used to fund operations, including the clinical development of pipeline candidates ZB-168 and torudokimab.
The combined company will be led by a team of biotechnology entrepreneurs and pharmaceutical industry veterans, including former members of the leadership team of Arena Pharmaceuticals.
Dr. Someit Sidhu will lead the combined company as Chief Executive Officer and Amit Munshi serves as Non-executive Chairman of the Board of Directors.
Dr. Sidhu had this to say: “This is an important milestone for our company and investors. I am eager to work alongside the proven and experienced leadership at Zura Bio as we collectively build the next immunology leader. This transaction allows us to progress our multi-asset pipeline targeting important immunology pathways, including IL7, TSLP and IL33, with best-in-class potential to help patients in need of new therapies.”
Zura Bio specialises in advancing immunology assets into Phase 2 development programs. It is aiming to develop a portfolio of therapeutics for ZB-168 which build on existing Phase 1b data in Type 1 diabetes that demonstrate a favourable safety profile and a strong biological rationale.
Amit Munshi, Chairman of the company, added, “Putting together a talented and experienced team alongside assets with differentiated attributes, established safety profiles and representing clinically validated mechanisms is a potent combination. The Board of Directors is excited to partner with this management team to drive excellence in clinical development and execution as we bring value to patients and shareholders alike.”
One can but speculate now as to why Zura Bio is listing on the Nasdaq ahead of London but feedback from insiders within the biotech investment sector has been that cash is currently easier to raise for biotech and pharma stocks on the US markets than in London at the moment.
