Zura Bio Announces Oversubscribed $112.5M Private Placement For 20.1M Class A Shares At A Price Of $3.108 Per Share; Financing Includes New And Existing Leading Life Sciences Institutional Investors; Strengthened Balance Sheet Expected To Fund Operations Through 2027
Portfolio Pulse from Benzinga Newsdesk
Zura Bio Limited (NASDAQ:ZURA) announced a $112.5M private placement of 20.1M Class A shares at $3.108 each to fund operations through 2027. The placement, led by Access Biotechnology and other major investors, aims to accelerate the development of tibulizumab for autoimmune diseases. The deal, expected to close on April 22, 2024, includes pre-funded warrants and is in compliance with Nasdaq rules. Piper Sandler, Guggenheim Securities, and Cantor are the lead placement agents.
April 18, 2024 | 1:23 pm
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POSITIVE IMPACT
Zura Bio's $112.5M private placement is expected to significantly strengthen its balance sheet, enabling the company to fund operations and accelerate the development of its key drug, tibulizumab, through 2027.
The successful completion of this substantial private placement indicates strong investor confidence in Zura Bio's pipeline and strategic direction. The infusion of capital is crucial for advancing clinical trials and could lead to positive developments in the company's drug portfolio, potentially enhancing its market position and investor sentiment in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100