Jasper Therapeutics to Acquire Kira Pharmaceuticals in $132 Million Merger Agreement
Key Takeaways
- Kp-104 (vensobafusp alfa) advances as a Phase II/III-ready bifunctional complement biologic targeting alternative and terminal pathways, with rare renal Phase II basket interim reads in Q4 2026 and Q2 2027.
- Development plans for Kp-104 include an FDA end-of-Phase II interaction in 1H 2027 following treatment-naïve PNH data, plus disclosure of an additional indication by year-end.
Jasper Therapeutics has closed its all-stock acquisition of Kira Pharmaceuticals and raised $132 million in concurrent financing, combining a three-asset immunology pipeline.
Jasper Therapeutics completed its acquisition of Kira Pharmaceuticals in an all-stock transaction.
Concurrent with the closing, Jasper raised approximately $132 million in a private placement of non-voting convertible preferred stock co-led by Affinity Asset Advisors and Ikarian Capital, with participation from other institutional investors. The combined company is set to continue trading on Nasdaq under the ticker symbol JSPR and is expecting its cash runway to extend through the second half of 2028.1
Patrick Crutcher, formerly chairman of the board of Kira, framed the deal as a platform for accelerated development. "With this strengthened foundation, and the synergies between our team and the Jasper team, we believe the combined company is exceptionally well-positioned to progress our portfolio of biologic agents targeting high-value immunology targets," Crutcher said.
What does the combined pipeline look like?
The transaction creates a three-asset immunology pipeline spanning complement inhibition, antibody-mediated transplant and mast cell indications, and autoantibody-driven disorders.
The lead asset is Kp-104 (vensobafusp alfa), a Phase II/III-ready bifunctional biologic that simultaneously targets both the alternative and terminal pathways of the complement cascade, a dual mechanism of action the company believes distinguishes it from single-pathway agents.2 Kp-104 is currently in an ongoing Phase II basket trial in rare renal indications, with interim Stage 1 data expected in the fourth quarter of 2026 and updated data, along with interim Stage 2 results, anticipated in the second quarter of 2027.2
Based on previously positive data in treatment-naïve paroxysmal nocturnal hemoglobinuria, the combined company is planning an end-of-Phase II meeting with FDA and expects to announce next steps in the first half of 2027. A new indication for Kp-104 is also expected to be announced by year end.1
The second asset, briquilimab, is a late-stage anti-KIT antibody with demonstrated long-term positive data in severe combined immunodeficiency.3 The combined company is progressing toward a pre-biologics license application meeting with FDA and expects to announce next steps in the first quarter of 2027. An update on briquilimab's development in mast cell-mediated disease is anticipated in the second half of 2026.1
Finally, the third asset, Kp-701, is a preclinical dual-acting anti-CD79BxCD32B monoclonal antibody targeting autoantibody-mediated disorders.1 A clinical trial application or investigational new drug filing for Phase I testing is planned for the first quarter of 2027, with first-in-human data expected in the third quarter of 2027.
What is being out-licensed?
Alongside the acquisition, Kira is out-licensing two additional complement assets, Kp-301, a long-acting anti-C5a monoclonal antibody, and Kp-402, a small molecule C5a receptor antagonist to Mirador Therapeutics.1 That transaction carries a $12 million upfront payment plus potential development and sales milestones. The out-licensing allows the combined company to focus resources on its three core programs.
What are the deal mechanics?
The acquisition was structured as a stock-for-stock exchange in which all outstanding Kira equity was exchanged for Jasper common stock and preferred stock.1 Subject to Jasper stockholder approval, each share of preferred stock will automatically convert into 61 shares of Jasper common stock, and following the transactions, pre-acquisition Jasper stockholders will own approximately 6.68% of the combined company on a fully diluted, as-converted basis, former Kira equityholders will own approximately 49.86%, and private placement investors will own approximately 43.46%.1
Existing Jasper common stockholders as of the closing will also receive a non-transferable contingent value right entitling them to an aggregate of $30 million in payments contingent on Jasper obtaining a priority review voucher for briquilimab by December 31, 2028, payable upon monetization of the voucher or a subsequent acquisition.1
Jeet Mahal, president and chief executive officer of Jasper, called the transaction the result of a thorough review of strategic alternatives. "Kira has built a truly differentiated complement portfolio that includes dual MOA beyond single-pathway agents and long-acting complement inhibitors, reflecting the quality of their science and the deep expertise of their team," Mahal said.
Sources
- Jasper Therapeutics Announces Merger with Kira Pharmaceuticals Jasper Therapeutics July 16, 2026,
https://www.globenewswire.com/news-release/2026/07/16/3328849/0/en/jasper-therapeutics-announces-merger-with-kira-pharmaceuticals.html - KP104, the first bifunctional biologic in complement Kira Pharmaceuticals Date accessed July 17, 2026,
https://www.kirapharma.com/kp104 - Briquilimab Jasper Therapeutics Pharmaceuticals Date accessed July 17, 2026,
https://jaspertx.com/briquilimab/
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