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JATT Acquisition, Zura Bio To Merge To Form Zura Bio Limited

JATT Acquisition Corporation (JATT), a special purpose acquisition company, has inked a merger deal with clinical-stage biotech firm Zura Bio. The combined company will be known as Zura Bio Limited.

The new entity will be listed on the NYSE with the ticker "ZURA".

The combined firm, to be formed in the fourth quarter, is expected to have a pro forma enterprise value of around $215 million.

The gross proceeds of up to $189 million of which up to $139 million is from the cash held in trust and $50 million from the committed forward purchase agreement and PIPE investments.

Proceeds from the transaction is expected to fund Zura Bio to accelerate the development of ZB-168, a fully-human, clinical-stage antibody targeting IL7Ra, that was recently in-licensed from Pfizer Inc.

Someit Sidhu, Founder and CEO of JATT, said: "Zura Bio has a compelling asset in ZB-168 with the potential to target two important immune pathways in IL7 and TSLP. We believe ZB-168 has a significant opportunity to be an important medicine for the treatment of many immune diseases…"

In 2023, Zura Bio plans to initiate a phase 2 proof-of-concept study in alopecia areata, a T-cell mediated disease affecting millions of patients worldwide.

In addition, an additional phase 2 study in a second indication will be initiated next year.

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