- Raymond James initiated coverage on Zura Bio Limited (NASDAQ:ZURA) with a price target of $20 and a Strong Buy rating.
- Zura has three clinical-stage inflammation & immunology (I&I) drugs in development. All three assets were licensed from Pfizer Inc (NYSE:PFE) or Eli Lilly And Co (NYSE:LLY) on favorable economic terms to Zura.
- In March, Zura Bio merged with JATT Acquisition Corp, a special-purpose acquisition company.
- The business combination resulted in approximately $65 million in gross cash proceeds to support research and development initiatives and potential future acquisitions.
- Immediately after its public debut, Zura Bio announced the license from Eli 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. Zura Bio priced $80 million in private placement financing.
- The analyst writes that some members of Zura (e.g., Chairman Amit Munshi, CMO Chris Cabell) previously played essential roles (CEO, Head of Clinical Development, then CMO) at I&I success story Arena Pharma (sold to Pfizer for $6.7 billion) and are “back in the arena” to do it again.
- The analyst thesis is mainly a valuation thesis, as there are no near-term data catalysts for Zura.
- Price Action: ZURA shares are up 28.9% at $6.90 on the last check Wednesday.
Ohio Dispensary Sale To Fund Retail Expansion In Other States? This Cannabis Co. Shifts Focus
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) said on Wednesday that its wholly owned subsidiary, DEP Nevada, Inc., has closed the previously announced transaction to sell all of its interests in the Body and Mind Ohio dispensary for $8.225 million in cash.
