Zura Bio, a biotechnology company focused on developing medicines, has merged with JATT Acquisition, a special purpose acquisition company.

Proceeds from the transaction will provide Zura Bio with the capital to develop ZB-168.

“This is an important milestone for Zura Bio as it accelerates our goal to become a leading global immunology company. We look forward to initiating our phase 2 clinical trial in alopecia areata and exploring the potential of ZB-168 in other immune diseases. Through the combination with JATT, we will strengthen our leadership team and secure capital to rapidly advance ZB-168 through the clinic to bring potentially life-altering new medicines to patients,” said Oliver Levy, CFO of Zura Bio.

Raymond James is acting as the PIPE placement agent and as financial advisor to JATT in the transaction. McDermott Will & Emery LLP and Ogier are acting as legal counsel to Zura Bio. Loeb & Loeb LLP and Simmons & Simmons are acting as legal counsel to JATT, and Maples and Calder LLP is serving as the Cayman Islands legal counsel to JATT. Paul Hastings LLP is acting as legal counsel to Raymond James.