Talawar Tx and JATT II Acquisition Corp. have signed a definitive business combination agreement to form a publicly listed biotechnology company focused on developing bispecific antibodies for immunology and inflammatory diseases. Upon completion of the transaction, the combined company will operate as Talawar Therapeutics and is expected to trade on the Nasdaq Capital Market under the ticker symbol "TLWR".
At closing, the company expects to receive $285 million in available cash before transaction costs and assuming no redemptions by JATT II’s public shareholders. This total includes $60 million currently held in JATT II’s trust account, again assuming no redemptions, and a concurrent $225 million private investment in public equity, or PIPE, in common stock at $10.00 per share. The PIPE was described as oversubscribed and is led by founding investor Access Biotechnology, with participation from Bain Capital Life Sciences, Deep Track Capital, RA Capital Management, Janus Henderson Investors, Vianti Capital, Farallon Capital Management and other healthcare-focused investors and mutual funds.
Talawar is developing TALA-125, a novel anti-IL-13 × anti-IL-18 bispecific antibody for atopic dermatitis, and said the available cash at closing is anticipated to fund the program through a Phase 2b proof-of-concept data readout in the second half of 2028. TALA-125 is expected to enter clinical testing in the first quarter of 2027, with interim Phase 1 data planned for the fourth quarter of 2027. The company is also advancing two discovery-phase programs, TALA-307 and TALA-711, in additional immunology indications.
The business combination is expected to close in the second half of 2026, subject to customary conditions, including approval by JATT II shareholders and regulatory clearances. Talawar was formed as the first company to develop and commercialize assets discovered by Khanda Therapeutics, L.P. Its leadership team includes Chief Executive Officer Marc Schegerin, MD, MBA, and Chief Medical Officer Fabio Nunes, MD, MMSc, with Praveen Tipirneni, MD, MBA, joining the board and Dan Becker, MD, PhD, serving as board chair.
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