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
