Monday 27 March 2023

California-based clinical-stage biotechnology company Zura Bio Ltd has closed its business combination with US-based special purpose acquisition Company JATT acquisition Corp, (NYSE: JATT), the company said.

Upon the completion of the business combination, JATT changed its name to Zura Bio Ltd., 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.

Business combination results in approximately USD65 m in gross cash proceeds to support research and development initiatives and potential future acquisitions.

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.

Raymond James & Associates, Inc. and its affiliates 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.

Zura is a clinical-stage biotechnology company advancing immunology assets into Phase 2 development programmes.

JATT is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses.