Zura Bio Announces Proposed Public Offering of Class A Ordinary Shares and Pre-Funded Warrants

HENDERSON, NV, February 24, 2026 – Zura Bio Limited (Nasdaq: ZURA), a clinical-stage biotechnology company specializing in innovative medicines for autoimmune and inflammatory diseases, has announced the commencement of an underwritten public offering of its Class A ordinary shares. For certain investors, the company is offering pre-funded warrants to purchase Class A ordinary shares as an alternative. This move is a significant development that may impact Zura Bio’s share value and is highly relevant for both current and prospective shareholders.

Key Points of the Announcement

• Offering Structure: The company is offering Class A ordinary shares and, for select investors, pre-funded warrants. These warrants allow investors to purchase shares at a later date, often used to facilitate participation by investors who may be limited by shareholding thresholds or other constraints.
• Underwriters and Managers: The offering is being managed by prominent investment banks: Leerink Partners, Piper Sandler, and Cantor, as joint bookrunning managers. Wedbush PacGrow is acting as lead manager for the offering. This underlines strong institutional support and professional execution for the deal.
• Overallotment Option: Zura Bio intends to grant underwriters a 30-day option to purchase up to 15% additional shares (including those underlying the pre-funded warrants) at the public offering price, less underwriting discounts and commissions. This “greenshoe” option is designed to stabilize the share price post-offering and accommodate excess demand.
• Offering Details and Timing: The offering is subject to market and other conditions, and there is no guarantee it will be completed, nor certainty about the size or terms at this stage.
• Regulatory Compliance: The offering is being conducted pursuant to a shelf registration statement on Form S-3 (Registration No. 333-281905) filed with the SEC and declared effective on September 17, 2024. The actual sale will be made only via a prospectus supplement and accompanying prospectus, with details to be filed and made available via the SEC website and the underwriters.

Potential Price-Sensitive Considerations for Shareholders

• Dilution Risk: The public offering, if completed, will result in the issuance of additional shares, which may dilute the ownership percentage of existing shareholders. This is a key factor that could impact share value.
• Capital Raise Purpose: While the specific use of proceeds is not detailed in this announcement, capital raises in clinical-stage biotech companies are typically aimed at funding ongoing clinical trials, advancing the company’s pipeline, and supporting operational expenses. The increased cash runway could be a positive for future development but may weigh on the share price in the short term due to dilution.
• Market Conditions: The completion and pricing of the offering depend on prevailing market conditions. Investor sentiment around biotech stocks and the company’s clinical progress will be crucial in determining the success and terms of the offering.
• Forward-Looking Statements: The company cautions that forward-looking statements, including those related to the offering, are subject to significant risks and uncertainties. These include market demand for Zura’s securities, completion of the offering, and other risks detailed in Zura’s SEC filings (Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent quarterly reports).

About Zura Bio and its Pipeline

Zura Bio is focused on developing novel dual-pathway antibodies for autoimmune and inflammatory diseases with unmet medical needs. The company’s pipeline includes:

• Tibulizumab (ZB-106): The lead product candidate is currently in two Phase 2 clinical trials:
  • TibuSHIELD: For hidradenitis suppurativa (HS), a chronic skin condition.
  • TibuSURE: For systemic sclerosis (SSc), a rare and serious autoimmune disease.
• Crebankitug (ZB-168) and Torudokimab (ZB-880): Both have completed Phase 1/1b studies and are being evaluated for a variety of autoimmune and inflammatory indications.

How to Access the Offering Details

A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and made available on www.sec.gov. Investors may also request copies from:

• Leerink Partners LLC, 53 State Street, 40th Floor, Boston, MA 02109, Tel: (800) 808-7525 ext. 6105, Email: [email protected]
• Piper Sandler & Co., 350 North 5th Street, Suite 1000, Minneapolis, MN 55401, Tel: (800) 747-3924, Email: [email protected]
• Cantor Fitzgerald & Co., 110 East 59th Street, 6th Floor, New York, NY 10022, Email: [email protected]

Investor Contact

For further inquiries, investors can contact:
Megan K. Weinshank, Head of Corporate Affairs, Email: [email protected]

Disclaimer: This article is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. All investments involve risk. Readers are encouraged to review the full offering documents and consult with a financial advisor before making investment decisions. The offering described herein may not be available in all jurisdictions and is subject to regulatory approval and market conditions. The company’s forward-looking statements are subject to significant risks and uncertainties, and actual results may differ materially.

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