Af­ter rais­ing $140M, SPAC will take biotech pub­lic with a frac­tion of planned funds

A SPAC closed its merg­er with its pri­vate biotech part­ner Tues­day morn­ing, send­ing the com­pa­ny to Nas­daq with ex­tra cash in its cof­fers. But the trans­ac­tion was com­plet­ed with less than half the mon­ey than was orig­i­nal­ly ex­pect­ed.

JATT Ac­qui­si­tion, a blank check com­pa­ny that went pub­lic in June 2021, and Zu­ra Bio an­nounced the com­ple­tion of their merg­er Tues­day morn­ing, giv­ing Zu­ra $65 mil­lion to use for R&D pur­pos­es and “po­ten­tial fu­ture ac­qui­si­tions.” But the fi­nal amount is a far cry from the near­ly $140 mil­lion JATT had in its trust ac­count two years ago — an­oth­er sign of the tur­bu­lent mar­ket for eq­ui­ties and new of­fer­ings.

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