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Zura Bio Announces $80 Million Financing and the Licensing of Tibulizumab (ZB-106), a Potential First-in-Class anti-IL-17 and anti-BAFF Dual Antagonist for Autoimmune Diseases
Licensing a potential first-in-class, anti-IL-17 and anti-BAFF dual antagonist In connection with the transaction, Zura Bio announces pricing of $80 million
About this update from Zura Bio Limited
[{"type":"text","content":"\n\nLicensing a potential first-in-class, anti-IL-17 and anti-BAFF dual antagonist\n\n\n\n\nIn connection with the transaction, Zura Bio announces pricing of $80 million private placement financing\n\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nZura Bio Limited (Nasdaq: “ZURA”) (“Zura” or “Zura Bio”), a multi-asset clinical-stage biotechnology company focused on developing novel medicines for immune and inflammatory disorders, today announced the license from Eli Lilly and Company (“Lilly”) of tibulizumab, a potential first-in-class, anti-IL-17 and anti-BAFF dual antagonist. Following the closing, the compound will be known as ZB-106.\n\n\nZB-106 currently has clinical data from two Phase 1b studies completed in Rheumatoid Arthritis and Sjogren’s Syndrome. The safety profile to date appears to be acceptable, with no new findings relative to known IL-17 and BAFF inhibitors. Chronic toxicology studies have been completed with no adverse drug-related findings.\n\n\nZura plans to initiate a Phase 2 study for ZB-106 in Systemic Sclerosis in 2024 to be followed by a study in Hidradenitis Suppurativa.\n\n\nDr. Someit Sidhu, Chief Executive Officer and Director of Zura Bio stated, “We believe tibulizumab is a great complement to our existing multi-asset pipeline. This is the second asset Zura Bio has licensed from Lilly in less than one year. We value their continued partnership and global presence as a leader in the inflammatory disease space and are grateful for the work they have done to progress this asset to its current state. We are excited to advance ZB-106 with the potential to evolve research and impact patients across a number of inflammatory diseases.”\n\n\nPrivate Placement Financing\n\n\nIn connection with the closing of the licensing transaction for ZB-106, Zura has agreed to sell an aggregate of approximately 18.8 million Class A ordinary shares, and pre-funded warrants in lieu of Class A ordinary shares, to certain accredited institutional investors in a private placement financing (the “Offering”). The Offering is expected to result in gross proceeds to Zura of approximately $80 million cash, before deducting placement agent fees and other offering expenses payable by Zura. In addition, Lilly has agreed to receive up to an aggregate of approximately $4.25 million in Class A ordinary shares in lieu of a portion of the upfront cas...