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

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 developing novel and differentiated medicines to meaningfully improve the lives of patients

with serious and debilitating autoimmune and inflammatory diseases, today announced that it has commenced an underwritten public offering

of its Class A ordinary shares or, in lieu of Class A ordinary shares to certain investors that so choose, pre-funded warrants to purchase

Class A ordinary shares. In addition, Zura expects to grant the underwriters a 30-day option to purchase additional Class A ordinary shares

in an amount of up to 15% of the aggregate number of shares and shares underlying the pre-funded warrants sold in the offering at the

public offering price, less underwriting discounts and commissions. The proposed offering is subject to market and other conditions,

and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed

offering. All of the Class A ordinary shares and pre-funded warrants to be sold in the proposed offering will be sold by Zura.

Leerink Partners, Piper Sandler and Cantor are acting as joint bookrunning

managers for the proposed offering. Wedbush PacGrow is acting as lead manager for the proposed offering.

The Class A ordinary shares and pre-funded warrants are being offered

by Zura pursuant to a shelf registration statement on Form S-3, as amended (Registration No. 333-281905), that was originally filed with

the Securities and Exchange Commission (the "SEC") on September 3, 2024, and subsequently declared effective by the SEC on

September 17, 2024. The proposed offering will be made only by means of a prospectus supplement and accompanying prospectus that will

form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the proposed offering

will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the preliminary prospectus supplement

and the accompanying prospectus, when available, may be obtained from: Leerink Partners LLC, Attention: Syndicate Department, 53 State

Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or via email at syndicate@leerink.com; Piper Sandler

& Co., Attention: Prospectus Department, 350 North 5th Street, Suite 1000, Minneapolis, MN 55401, by telephone at (800) 747-3924,

or via email at prospectus@psc.com; or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York,

NY 10022, via e-mail at prospectus@cantor.com.

This press release shall not constitute an offer to sell or the solicitation

of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or

sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Zura is a clinical-stage, multi-asset immunology company developing

novel dual-pathway antibodies for autoimmune and inflammatory diseases with unmet need. The Company's pipeline includes product

candidates designed to target key mechanisms of immune system imbalance, with the goal of improving efficacy, safety, and dosing convenience

Zura's lead product candidate, tibulizumab (ZB-106), is being

evaluated in two Phase 2 clinical studies in adults: TibuSHIELD, a study in hidradenitis suppurativa (HS), and TibuSURE, a study in systemic

sclerosis (SSc). Additional product candidates crebankitug (ZB-168) and torudokimab (ZB-880) have completed Phase 1/1b studies and are

being evaluated for their potential across a range of autoimmune and inflammatory conditions.

Forward-Looking Statements

Any statements contained in this press release that do not describe

historical facts may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation

Reform Act of 1995. These statements may be identified by words and phrases such as "believe," "designed to,"

"expect," "may," "plan," "potential," "will" and similar expressions, and

are based on Zura's current beliefs and expectations. These forward-looking statements include statements regarding the proposed

public offering and Zura's intention to grant the underwriters an option to purchase additional shares. These statements involve

risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties

that may cause actual results to differ materially include uncertainties related to market conditions, the demand for Zura's securities,

the completion of the public offering on the anticipated terms or at all, and such other risks and uncertainties that are described in

Zura's Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by its Quarterly Reports on Form 10-Q

for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025, and other filings with the Securities

and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and are based on information available

to Zura as of the date of this release, and Zura assumes no obligation to, and does not intend to, update any forward-looking statements,

whether as a result of new information, future events or otherwise.

Head of Corporate Affairs