Jasper Secures US$132 M Private Placement Following Kira Pharmaceuticals Takeover

USA— Jasper Therapeutics has completed its all-stock acquisition of Kira Pharmaceuticals, creating a combined immunology-focused biotechnology company with an expanded pipeline of complement- and antibody-based therapies.

Alongside the transaction, the Nasdaq-listed company secured a US$132 million private financing to support clinical development through the second half of 2028.

The merger follows a difficult period for Jasper after manufacturing issues involving a batch of its anti-KIT antibody, briquilimab, disrupted the company’s clinical development plans in 2025.

The affected drug supply forced Jasper to halt a Phase 1/2 trial in spontaneous urticaria and discontinue a separate asthma programme despite earlier data showing rapid and durable responses across multiple dosing groups.

The setback prompted the company to explore strategic alternatives, ultimately leading to its merger with Kira Pharmaceuticals.

Expanded pipeline targets immunological diseases

The combined company will focus on advancing three lead programmes targeting immune-mediated disorders.

Its flagship asset, KP-104 (venobafusp alfa), is a dual-complement inhibitor being developed for paroxysmal nocturnal haemoglobinuria (PNH) and several high-unmet-need kidney diseases.

Jasper expects Phase 2 data from renal disease studies later this year and plans to meet with the US Food and Drug Administration (FDA) to discuss a potential Phase 3 development pathway for PNH.

Meanwhile, the company continues to advance briquilimab for severe combined immunodeficiency (SCID), supported by encouraging long-term clinical data.

Jasper intends to hold a pre-Biologics License Application (BLA) meeting with the FDA while also evaluating opportunities for the antibody in mast cell-mediated diseases.

In addition, the company is progressing KP-701, a preclinical dual-acting anti-CD79B×CD32B monoclonal antibody designed to treat autoantibody-mediated disorders, with first-in-human data anticipated in the third quarter of 2027.

Jeet Mahal, President and Chief Executive Officer of Jasper Therapeutics, said Kira had built a differentiated complement portfolio featuring dual mechanisms of action and long-acting complement inhibitors that complement Jasper’s expertise in antibody drug development.

Financing strengthens development plans

Concurrent with the acquisition, Jasper entered into a securities purchase agreement to sell non-voting convertible preferred stock in a private placement co-led by Affinity Asset Advisors and Ikarian Capital, alongside several other life sciences investors.

The financing is expected to generate gross proceeds of approximately US$132 million, providing sufficient capital to fund operations through the second half of 2028 and support key clinical milestones across the combined pipeline.

Following the transaction, former Kira shareholders will own nearly 50% of the combined company, new private financing investors will hold slightly more than 43%, and existing Jasper shareholders will retain almost 7%.

The company will continue trading on the Nasdaq under the ticker symbol JSPR.

Portfolio reshaped through asset licensing

As part of the restructuring, not all of Kira’s pipeline has moved into the combined company.

Mirador Therapeutics acquired two complement-related assets, long-acting anti-C5a monoclonal antibody KP-301 and small-molecule C5a receptor agonist KP-402, for US$12 million upfront, with the agreement also including potential milestone payments.

Patrick Crutcher, former Chairman of Kira Pharmaceuticals, said the transaction enables the combined company to concentrate resources on its core clinical programmes while allowing Mirador to further develop the licensed assets.

He added that combining Kira’s complement expertise with Jasper’s antibody development capabilities positions the company to accelerate multiple programmes targeting high-value immunological diseases.