Jasper Completes Kira Acquisition and $132m Financing

Jasper Therapeutics has completed its all-stock acquisition of Kira Pharmaceuticals, creating a combined business focused on biologic agents for immunologically-driven disorders. Announced on 20 July 2026, the deal comes with a $132m private placement co-led by Affinity Asset Advisors and Ikarian Capital, alongside a $12m out-licensing agreement with Mirador Therapeutics. Combined financing is expected to fund operations through H2 2028, with the company continuing to trade on Nasdaq as JSPR.

The combined pipeline is anchored by KP-104, Kira’s dual-complement inhibitor being developed for paroxysmal nocturnal haemoglobinuria (PNH) and renal disorders, positioned to compete against single-pathway complement therapies from Alexion (part of AstraZeneca) and Apellis Pharmaceuticals. Additional assets include briquilimab, an anti-KIT monoclonal antibody being developed for transplant and immunologic indications including Severe Combined Immunodeficiency (SCID), and KP-701, a dual-acting monoclonal antibody targeted at autoantibody-mediated diseases. The KP-301 and KP-402 candidates have been out-licensed to Mirador Therapeutics as part of the accompanying transaction.

Jasper expects to reach several clinical milestones over the coming years, including KP-104 phase 2 results, an end-of-phase 2 FDA meeting to support a potential phase 3 study, advancement of briquilimab in SCID to a pre-Biologics License Application meeting, and first-in-human data for KP-701. Jeet Mahal, President and CEO of Jasper, framed the transaction as a strategic response to Kira’s dual mechanism-of-action complement portfolio, which extends beyond single-pathway agents and includes long-acting complement inhibitors. Patrick Crutcher, formerly Chairman of Kira, described the combined entity as accelerating a potentially best-in-class portfolio while enabling continued development of the Mirador-licensed assets through a specialist partner.

The commercial signal is a small-cap biotech consolidation play focused on the still-competitive complement inhibitor space. With PNH and renal complement pipelines growing more crowded and long-acting formulations emerging as a key differentiator, dual-MoA agents like KP-104 are increasingly attractive. Expect continued tuck-in M&A among mid-cap immunology biotechs as the sector positions ahead of the next wave of complement clinical readouts.

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