There are signs the SPAC could be making a comeback as a British biotech company will today use the unusual vehicle to become the first UK firm to list on the Nasdaq exchange in 2023 The Evening Standard reports.
Zura Bio, which develops medicines for immune system disorders, has raised $65 million via JATT Acquisition. The SPAC's shareholders approved the deal Friday.
The Cheshire-based business, which has partnered with US pharma giant Pfizer, said it will use the proceeds from the capital raise to fund its operations including the clinical development of pipeline drug candidates ZB-168, designed to treat diabetes, and torudokimab, which neutralizes the IL33 protein responsible for allergic inflammation-related bodily reactions.
Source: SPACs are Back as British Biotech Zura Launches UK's First Nasdaq Listing in 2023