JATT III Acquisition Raises $60 Million In Nasdaq IPO, Reopening A Biotech SPAC Playbook As Traditional Listings Recover

JATT III Acquisition began trading on Nasdaq after completing a $60 million IPO, giving Someit Sidhu, M.D., a new special purpose acquisition company to hunt for a privately held biotech or similar life sciences business to take public through a reverse merger.

The company said it has not selected a merger target. Its stated focus is “particularly, though not exclusively,” on businesses using data-driven approaches including machine learning, computational biology, structure-based drug design and related technologies to improve therapeutic discovery and development.

The investment setup

The launch comes at an unusual point in biotech financing. SPACs were at peak popularity among biotechs back in 2022, but interest in the model has since faded. JATT III therefore looks less like a broad market reopening and more like a sponsor-specific bet that certain companies may still prefer a negotiated route to public markets over a conventional IPO process.

That focus matters because it points to where investors may still tolerate the SPAC structure: companies that can frame themselves around development efficiency and platform leverage, rather than single-asset stories alone. JATT III is not restricted to those businesses, but its screening language suggests Sidhu sees the best odds in technology-enabled drug development.

Sidhu’s track record with the model

Sidhu is now on his third biotech SPAC. He launched JATT Acquisition on the New York Stock Exchange in 2021 and oversaw its merger with autoimmune startup Zura Bio in 2023. He then served as publicly listed Zura’s CEO for a year and remained a director into 2026.

In April, Sidhu launched JATT II, which merged with immunology and inflammatory disease company Talawar Therapeutics in June. The short gap between that transaction and JATT III’s IPO suggests repeat sponsors can still access capital for specialized blank-check vehicles even after the broader SPAC boom cooled.

Why this matters now

JATT III is also arriving while a growing number of biotechs are returning to the traditional IPO path. Fierce Biotech cited record-breaking listings from Kailera Therapeutics and Parabilis Medicines, while noting recent SPAC activity has been limited, with stem cell company PrimeGen reaching Nasdaq through a SPAC in February.

The signal is not that SPACs are back across biotech. It is that they still remain a live financing tool for experienced sponsors with a clear thematic pitch. In this case, that pitch is that data-driven biotech companies may benefit from a merger process that gives them more control over valuation framing and public-market positioning before a full operating history is available.