Biotech firm Zura became the first UK firm to list on the Nasdaq this year – suggesting SPACs could be bouncing back in 2023.
Zura Bio, which develops medicines for immune system disorders, has raised £53million through a special purpose acquisition company (SPAC) and went public yesterday on Wall Street.
Zura’s debut marks a return of SPACs, which soared in 2021 with over 600 companies created on public markets, according to S&P Global data.
Listing: Zura Bio, which develops medicines for immune system disorders, has raised £53m through a special purpose acquisition company and went public yesterday on Wall Street
But this figure tumbled 85 per cent to just 86 in 2022, as appetite slowed amid political and economic instability, as well as soaring interest rates.
Cheshire-based Zura was founded in 2022 and has partnered with the likes of Pfizer to treat auto-immune diseases.
Someit Sidhu, Zura’s chief executive, said that his firm’s decision to list in the US was a sign of the success of Britain’s biotech industry rather than a snub to London.
