Newly public Zura Bio stock falls 11% following Nasdaq debut
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Newly public Zura Bio's (NASDAQ:ZURA) stock fell 11% in its debut session following the UK-based immunology drug developer's merger with SPAC JATT Acquisition Corp. (JATT).
Shares of Zura opened at $7.94, later closing at $7.24. JATT's stock closed at $8.16 on Friday, down 24% from Thursday's close of $10.75, according to Dow Jones data.
The SPAC announced shareholder approval of the deal after market close on Thursday, with the closing announced Monday.
The merger deal, which was first announced in June, estimated the enterprise value of the combined company at $215M.
Based in London, Zura has two drug candidates in clinical testing for the treatment of disorders such as alopecia areata, diabetes, COPD and asthma.
JATT held its initial public offering in July 2021, raising $139M.