After raising $140M, SPAC will take biotech public with a fraction of planned funds

21 Mar 2023

AcquisitionIPO

A SPAC closed its merger with its private biotech partner Tuesday morning, sending the company to Nasdaq with extra cash in its coffers. But the transaction was completed with less than half the money than was originally expected. JATT Acquisition, a blank check company that went public in June 2021, and Zura Bio announced the completion of their merger Tuesday morning, giving Zura $65 million to use for R&D purposes and “potential future acquisitions.” But the final amount is a far cry from the nearly $140 million JATT had in its trust account two years ago — another sign of the turbulent market for equities and new offerings.

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S.P.A.C. SrlZura Bio Ltd. (United Kingdom)

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