BRIEF—Zura Bio closes SPAC deal, but with lower proceeds than first expected

Clinical-stage biotech Zura Bio today announced the closing of its business combination with JATT Acquisition Corp, a special purpose acquisition company (NYSE: 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.

However, the final amount of $65 million is a far cry from the nearly $140 million JATT had in its trust account two years ago when the deal was first annoounced — another sign of the turbulent market for equities and new offerings.