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Reverse merger hands Jasper a Phase 2/3-ready complement asset; execution- and dilution-heavy
Full analysis, sources & comparables →Jasper finds new purpose in merger with Kira while offloading its Tavneos rival (KP-301/KP-402) to Mirador.
Jasper Therapeutics 8-K exhibit describing the Kira acquisition, share issuance, preferred stock private placement, and CVR terms.
Source summaries from our enrichment pipeline; follow links for originals.
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Jasper Therapeutics (Nasdaq: JSPR) acquired Kira Pharmaceuticals in an all-stock reverse merger announced July 16, 2026, issuing 5,195,009 common and 4,644,977 non-voting preferred shares and assuming Kira options/SAFEs, making Kira a wholly owned subsidiary focused on complement and immunology. On a fully diluted, as-converted basis, former Kira holders are expected to own ~49.86%, PIPE investors ~43.46%, and pre-transaction Jasper holders ~6.68%. The transaction is paired with a ~$132 million preferred-stock private placement (expected to close July 20, 2026) and a non-transferable contingent value right for pre-close Jasper holders. Concurrently, Kira out-licensed KP-301 and KP-402 to Mirador Therapeutics. A headline financial deal value was not disclosed (all-stock, ownership-percentage structure).
Briquilimab is Jasper's legacy anti-KIT (CD117) antibody with programs spanning mast cell-driven disease (e.g., chronic urticaria) and rare immune indications with long-term SCID/transplant-conditioning data. In the merger it becomes a secondary asset whose value to pre-close Jasper holders is captured through a contingent value right tied to obtaining an FDA priority review voucher for briquilimab by Dec 31, 2028.
In chronic spontaneous urticaria the benchmark is omalizumab (Xolair, anti-IgE); emerging competitors include Bruton's tyrosine kinase (BTK) inhibitors (e.g., remibrutinib) and other anti-KIT antibodies such as Celldex's barzolvolimab. Briquilimab targets KIT (CD117) to deplete mast cells, a mechanistically distinct approach; as a CVR asset within the merger it is a secondary, optionality-driven program.
Paroxysmal nocturnal hemoglobinuria (PNH) is an ultra-rare acquired hematologic disorder in which unchecked complement activation destroys red blood cells, causing hemolysis, thrombosis and marrow failure; it is the anchor indication for complement therapeutics. Kira's lead asset KP-104 also targets rare complement-mediated renal diseases in an ongoing Phase 2 basket trial. This complement franchise is the strategic core of the combined Jasper-Kira company.
PNH complement therapy is led by Alexion/AstraZeneca's Soliris (eculizumab) and Ultomiris (ravulizumab), anti-C5 terminal-pathway monoclonal antibodies, plus Apellis' Empaveli (pegcetacoplan, C3 inhibitor) and Novartis' Fabhalta (iptacopan, oral factor B inhibitor). KP-104 (vensobafusp alfa) differentiates as a bifunctional C5 mAb-Factor H fusion protein that simultaneously inhibits both the ALTERNATIVE and TERMINAL complement pathways, aiming for more complete control and potential best-in-disease positioning.
Jasper Therapeutics (Nasdaq: JSPR) agrees to acquire complement-focused Kira Pharmaceuticals in an all-stock reverse merger. On a fully-diluted basis former Kira holders are expected to own ~49.86%, PIPE investors ~43.46%, and pre-transaction Jasper holders ~6.68% (~653.6M shares post-close). The combined company keeps the JSPR ticker and centers on Kira's lead complement asset KP-104.
Concurrent with the merger, Jasper prices an ~$132M private placement of non-voting convertible preferred stock (~4.7M shares; investors incl. Balyasny, Columbia Threadneedle, Affinity, Ikarian, and Mirador). Pre-close Jasper holders receive a non-transferable CVR worth up to $30M tied to obtaining an FDA priority review voucher for briquilimab by Dec 31, 2028.
The ~$132M preferred-stock private placement was expected to close on July 20, 2026, funding the combined company's complement and immunology pipeline.
After a strategic-alternatives search, Jasper gains a Phase 2/3-ready complement asset (KP-104) and a funded balance sheet, offloading its Tavneos-rival C5a assets to Mirador. Pre-close Jasper holders are heavily diluted (~6.68%) with residual upside chiefly via the briquilimab CVR; the combined company's value now hinges on KP-104's PNH/rare-renal readouts and end-of-Phase-2 FDA interaction in 1H 2027.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Jasper Therapeutics, Inc. / Kira Pharmaceuticals (this deal) | 2026 | — | 57 |
| Arcturus Therapeutics, Inc. / CSL Seqirus (CSL Limited) | 2026 | $28M | 100 |
| Genentech, Inc. (Roche Group) / Duality Biologics (Suzhou) Co. Ltd. | 2026 | $1.0B | 100 |
| Genentech, Inc. (Roche Group) / Hanmi Pharmaceutical Co. Ltd. | 2026 | $2.3B | 100 |
| Servier Pharmaceuticals LLC / Day One Biopharmaceuticals Inc. | 2026 | $2.5B | 75 |
| Servier / Edgewise Therapeutics, Inc. | 2026 | $2.6B | 75 |
| AstraZeneca PLC / Dizal Pharmaceutical Co., Ltd | 2026 | $1.5B | 73 |
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