JATT Acquisition filed a proxy and preliminary prospectus outling its proposed merger with Zura Bio. The deal values the combined company at $215 million.
If approved, upon closing Zura Bio shares are expected to be listed on the NYSE under the ticker symbol ZURA. The target is a clinical-stage biotechnology company focused on developing novel medicines for immune disorders.
The combined company is expected to receive gross cash proceeds of up to $189 million, which includes the $139 million held in JATT’s trust account (less any redemptions) and a concurrent, fully-committed $50 million from a forward purchase agreement and PIPE financing.
Terms also protect against redemptions. If public shareholder redemptions exceed 90%, a further $15 million will be payable under the forward purchase agreement, so that the minimum gross cash proceeds will be at least $65 million. Read more.
