Zura Bio to Go Public via JATT SPAC Merger for ~$215M
Shots:
- JATT has entered into a definitive business combination agreement with Zura Bio at a pro forma enterprise value of ~$215M of which ~$139M is from JATT’s trust account, $50M from a forward purchase agreement & $20M in PIPE investments at $10.00/share. The transaction is expected to be close in Q4’22
- If public shareholder redemptions exceed 90%, an additional $15M will be paid under the forward purchase agreement bringing the total gross cash proceeds to $65M
- The combined company will be renamed “Zura Bio Limited" while ordinary shares & warrants of the combined company will be listed on NYSE under the ticker symbol “ZURA”. Zura Bio is expected to initiate a P-II PoC study of ZB-168 in alopecia areata & other indications in 2023
Ref: Bussinesswire | Image: JATT
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Neha is a Senior Editor at PharmaShots. She is passionate and very enthusiastic about recent updates and developments in the life sciences and pharma industry. She covers Biopharma, MedTech, and Digital health segments along with different reports at PharmaShots. She can be contacted at connect@pharmashots.com.
