A Cheshire biotech start-up has raised $65m after floating in New York.
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.
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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.
Dr Sidhu said: "This is an important milestone for our company and investors.
"I am eager to work alongside the proven and experienced leadership at Zura Bio as we collectively build the next immunology leader.
"This transaction allows us to progress our multi-asset pipeline targeting important immunology pathways, including IL7, TSLP and IL33, with best-in-class potential to help patients in need of new therapies."
Chairman Amit Munshi 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."
Raymond James & Associates Inc and its affiliates acted as financial advisor to JATT.
Chardan acted as capital markets advisor to JATT. Loeb & Loeb LLP acted as legal advisor to JATT, and Maples and Calder (Cayman) LLP acted as Cayman Islands legal counsel to JATT.
McDermott Will & Emery LLP acted as legal advisor to Zura, and Ogier LLP acted as Cayman Islands legal counsel to Zura. Paul Hastings LLP acted as legal counsel to Raymond James.
Prior to the business combination, JATT was a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more companies.
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