Zura Bio has announced the completion of its business combination with JATT Acquisition Corp, a special purpose acquisition company. The new company will begin trading on the Nasdaq Capital Market under the ticker symbols “ZURA” and “ZURAW”. The net proceeds from the business combination and the private placement of ordinary shares will be used to fund operations, including the clinical development of pipeline candidates ZB-168 and torudokimab. Zura Bio is focused on developing novel medicines for immune and inflammatory disorders, and will be led by a team of biotechnology entrepreneurs and pharmaceutical industry veterans, including former members of the leadership team of Arena Pharmaceuticals.
Zura Bio Limited (“Zura”), a multi-asset clinical-stage biotechnology company focused on developing novel medicines for immune and inflammatory disorders, today announced the closing of its business combination with JATT Acquisition Corp, a special purpose acquisition company (NYSE: JATT) (“JATT”), 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.
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 leads the combined company as Chief Executive Officer and Amit Munshi serves as Non-executive Chairman of the Board of Directors. Dr. Sidhu commented, “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.”
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Amit Munshi, Chairman, 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.”
Advisors
Raymond James & Associates, Inc. and its affiliates (together, “Raymond James”) acted as financial advisor to JATT, including in connection with the aforementioned private placement of securities by JATT. Chardan acted as capital markets advisor to JATT. Loeb & Loeb LLP acted as legal advisor to JATT, and Maples and Calder (Cayman) LLP acted as Cayman Islands legal counsel to JATT. McDermott Will & Emery LLP acted as legal advisor to Zura, and Ogier LLP acted as Cayman Islands legal counsel to Zura. Paul Hastings LLP acted as legal counsel to Raymond James.
Source: BioSpace
