JATT Acquisition Corp Shareholders Approve Proposed Business Combination with Zura Bio Limited London, UK

JATT Acquisition Corp Shareholders Approve

Proposed Business Combination with Zura Bio Limited

London, UK - March 16, 2023 - JATT

Acquisition Corp (NYSE: JATT) ("JATT"), a publicly traded special purpose acquisition company, today announced that its shareholders

voted to approve its proposed business combination with Zura Bio Limited ("Zura"), a clinical-stage biotechnology company.

At the extraordinary general meeting of JATT's

shareholders, a total of 4,907,863 ordinary shares, or 95.5% of JATT's issued and outstanding ordinary shares as of February 16,

2023, the record date of the extraordinary general meeting, were present either in person or represented by proxy. Holders of 4,903,764

ordinary shares, or 99.9% of the votes cast at the meeting, voted in favor the business combination.

At the closing of the business combination, which

is expected to occur on March 20, 2023, after all closing conditions are satisfied or waived, the ordinary shares and warrants of the

combined company are anticipated to begin trading on the Nasdaq Stock Market on March 21, 2023 under the new ticker symbols, "ZURA"

and "ZURAW", respectively.

The formal results of the vote will be included

in a Current Report on Form 8-K to be filed by JATT with the Securities and Exchange Commission (the "SEC").

Important Information

Neither the SEC nor any state securities commission

has approved or disapproved of the securities to be issued in connection with the business combination, or determined if the Form S-4

is accurate or adequate.

Zura is a clinical-stage biotechnology company

advancing two primary assets, including ZB-168 in Alopecia Areata and other inflammatory diseases and torudokimab in both chronic obstructive

pulmonary disease (COPD) and asthma. ZB-168 is an anti IL7R inhibitor that has the potential to impact diseases driven by IL7

and TSLP biological pathways. Zura aims to develop a portfolio of therapeutic indications for ZB-168, and is focused on demonstrating

its efficacy, safety, dosing convenience and mechanism of action, initially in Alopecia Areata (AA). This will build on Phase 1b data

in Type 1 Diabetes demonstrating a favourable safety profile and strong biological rationale. Torudokimab is a fully human, high affinity

monoclonal antibody that neutralizes IL33 and is currently at Phase 2 clinical development stage. IL33 is a validated drug target in both

COPD and asthma. Zura is headquartered in London, UK.

JATT is a blank check company formed for the purpose

of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more

businesses. The focus of the team is to pursue a business combination within the life sciences and biotechnology sectors. Management is

led by Dr. Someit Sidhu, Chairman and Chief Executive Officer, and Verender S. Badial, Chief Financial Officer.

Additional information and Where to Find It

In connection with the proposed business combination,

on August 22, 2022, JATT filed a registration statement on Form S-4 (the "Form S-4") with the SEC. The Form S-4, as amended

from time to time, includes a proxy statement of JATT and a prospectus of Zura, referred to as a proxy statement/prospectus. The proxy

statement/prospectus was sent to all JATT shareholders. Additionally, JATT will file other relevant materials with the SEC in connection

with the proposed business combination. Copies of the Form S-4, the proxy statement/prospectus and all other relevant materials filed

or that will be filed with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. Before making any voting or investment

decision, investors and security holders of JATT are urged to read the Form S-4, the proxy statement/prospectus and all other relevant

materials filed or that will be filed with the SEC in connection with the proposed business combination because they will contain important

information about the proposed business combination and the parties to the proposed business combination.

Participants in Solicitation

JATT, Zura and their respective directors and

executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of JATT's shareholders in connection

with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names and interests

in the proposed business combination of JATT's directors and officers in JATT's filings with the SEC, including JATT's initial public

offering prospectus, which was filed with the SEC on July 14, 2021, JATT's subsequent quarterly reports on Form 10-Q, annual reports on

Form 10-K and the Form S-4. To the extent that holdings of JATT's securities by JATT's insiders have changed from the amounts reported

therein, any such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information

regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to JATT's shareholders in connection

with the business combination are included in the proxy statement/prospectus relating to the proposed business combination. You may obtain

free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

This communication shall not constitute a proxy

statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination.

This communication shall also not constitute an offer to sell or a solicitation of an offer to buy any securities of JATT or Zura, nor

shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to

registration or qualification under the securities laws of any such state or jurisdiction. No offering of securities shall be made except

by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Forward-Looking Statements

This communication includes "forward-looking

statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995

with respect to the proposed business combination between JATT and Zura. Words such as "expect," "estimate," "project,"

"budget," "forecast," "anticipate," "intend," "plan," "may," "will,"

"could," "should," "believe," "predict," "potential," "continue," "strategy,"

"future," "opportunity," "would," "seem," "seek," "outlook" and similar expressions

are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements

about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that

could cause the actual results to differ materially from the expected results. These statements are based on various assumptions, whether

or not identified in this communication. These forward-looking statements are provided for illustrative purposes only and are not intended

to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or

probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. These forward-looking

statements include, without limitation, Zura's and JATT's expectations with respect to anticipated financial impacts of the proposed business

combination, the satisfaction of closing conditions to the proposed business combination, and the timing of the completion of the proposed

business combination. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of JATT's

Form 10-K and initial public offering prospectus, and its subsequent quarterly reports on Form 10-Q. In addition, there will be risks

and uncertainties described in the Form S-4 and other documents filed by JATT from time to time with the SEC. These filings would identify

and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained

in the forward-looking statements. Many of these factors are outside Zura's and JATT's control and are difficult to predict. Many factors

could cause actual future events to differ from the forward-looking statements in this communication, including but not limited to: (1)

the outcome of any legal proceedings that may be instituted against JATT or Zura following the announcement of the proposed business combination;

(2) the inability to complete the proposed business combination, including due to the inability to concurrently close the business combination

and related transactions, including the private placement of ordinary shares; (3) the risk that the proposed business combination may

not be completed by JATT's business combination deadline and the potential failure to obtain an extension of the business combination

deadline if sought by JATT; (4) the failure to satisfy the conditions to the consummation of the proposed business combination, including

the satisfaction of the minimum cash requirement following any redemptions by JATT's public shareholders and the receipt of certain governmental

and regulatory approvals; (5) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals

or complete regulatory reviews required to complete the proposed business combination; (6) the occurrence of any event, change or other

circumstance that could give rise to the termination of the business combination agreement; (7) volatility in the price of JATT's or the

combined company's securities; (8) the risk that the proposed business combination disrupts current plans and operations as a result

of the announcement and consummation of the business combination; (9) the inability to recognize the anticipated benefits of the proposed

business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage

growth profitably, maintain relationships with customers and suppliers and retain key employees; (10) costs related to the proposed business

combination; (11) changes in the applicable laws or regulations; (12) the possibility that the combined company may be adversely affected

by other economic, business, and/or competitive factors; (13) the risk of downturns and a changing regulatory landscape in the highly

competitive industry in which Zura operates; (14) the impact of the global COVID-19 pandemic; (15) the potential inability of the combined

company to raise additional capital needed to pursue its business objectives or to achieve efficiencies regarding other costs; (16) the

enforceability of Zura's intellectual property, including its patents, and the potential infringement on the intellectual property rights

of others, cyber security risks or potential breaches of data security; and (17) other risks and uncertainties described in JATT's annual

report on Form 10-K, its initial public offering prospectus, and its subsequent quarterly reports on Form 10-Q and described in the