JATT Acquisition Corp. (JATT) Closes Zura Bio Deal
JATT Acquisition Corp. (NYSE: JATT) announced this morning that it has closed its combination with biotech firm Zura Bio.
The combined company’s shares and warrants are expected to begin trading on the Nasdaq later today, March 21, under the symbols “ZURA” and “ZURAW”, respectively.
The combination has netted Zura Bio about $65 million in gross cash proceeds, which it will use to advance its existing clinical portfolio and make acquisitions. This funding came primarily in the form of a $50 million PIPE and $15 million in forward purchase agreements.
JATT initially announced its $215 million business combination with Zura Bio in June 2022. London-based Zura Bio is a clinical-stage firm developing novel medicines for immune disorders with an initial focus on alopecia.
Alopecia itself afflicts about 700,000 Americans and 6.8 million have had it at some point in their lifetime, but the same auto-immune blockers that Zura Bio is researching might also be effective against asthma, ulcerative colitis, vitiligo, and type 1 diabetes mellitus among other conditions. Altogether, Zura Bio believes it could have a treatment market of 150 million worth about $100 billion.
- Raymond James & Associates, Inc. and its affiliates (together, “Raymond James”) is acting as the lead PIPE placement agent
- Raymond James & Associates, Inc. is financial advisor to JATT in the transaction.
- McDermott Will & Emery LLP is acting as legal counsel to Zura Bio.
- Ogier is acting as legal counsel to Zura Bio.
- Loeb & Loeb LLP and Simmons & Simmons are acting as legal counsel to JATT
- Maples and Calder (Cayman) LLP are acting as Cayman Islands legal counsel to JATT.
- Paul Hastings LLP is acting as legal counsel to Raymond James.