A Cheshire biotech start-up has raised $65m from its New York Nasdaq float.
Zura Bio, which specialises in developing drugs for immune system disorders, is led by Dr Someit Sidhu and has merged with special purpose acquisition company (SPAC) JATT acquisition corp to complete the deal.
The funds raised will go towards its research and development pipeline.
Dr Sidhu is to stay in post as chief executive to lead the newly-merged organisation.
The Nasdaq float comes after Cambridge chipmaker Arm said it would snub the City for Nasdaq earlier this month. Building supplier CRH has also said it would swap its listing for New York.
Sidhu said: “This transaction allows us to progress our multi-asset pipeline targeting important immunology pathways with best-in-class potential to help patients in need of new therapies.”
Amit Munshi, chairman of the new company, added: “Putting together a talented and experienced team alongside assets with differentiated attributes, established safety profiles and representing clinically validated mechanisms is a potent combination. The board of directors is excited to partner with this management team to drive excellence in clinical development and execution as we bring value to patients and shareholders alike.”
For followers of the UK biotech scene, there were two potentially inotewaorthy elements to the IPO. Firstly, it was done via a special purpose acquisition company, or SPAC, and secondly Zura has taken the opportunity to join Nasdaq in the US, where life science company valuations are possibly keener than they are in the UK market.
