Return of the SPAC: Biotech company Zura becomes the first British company to list on the Nasdaq this year
Biotech company Zura became the first British company to list on the Nasdaq this year, suggesting SPACs could recover in 2023.
Zura Bio, which develops drugs for immune system disorders, raised £53 million through a special purpose acquisition company (SPAC) and went public on Wall Street yesterday.
Zura’s debut marks a return of SPACs, which boomed in 2021 with more than 600 companies founded in public markets, according to data from S&P Global.
Listing: Zura Bio, which develops drugs for immune system disorders, raised £53 million through a dedicated acquisition company and went public on Wall Street yesterday
But this figure fell 85 percent to just 86 in 2022, as appetites dwindled amid political and economic instability and rising interest rates.
Based in Cheshire, Zura was founded in 2022 and has partnered with Pfizer, among others, to treat autoimmune diseases.
Someit Sidhu, CEO of Zura, said his company’s decision to go public in the US was a sign of the success of the UK biotech industry rather than an aversion to London.