Company: ZURA
Filing Date: 2025-05-22
Form Type: CORRESP
Source: 0001104659-25-052055
Chunk: 2

Company: Zura Bio Ltd
Filing Date: 2025-05-22
Form: CORRESP
Chunk 2
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 disclosed
on pages 23 and 100 of our 2024 Annual Report, and any potential future payments would be due based on sales of torudokimab, if approved and
commercialized, in certain circumstances. As such, we believe the WuXi Biologics MSA and the Cell Line License Agreement are not
material at this time, are made in the “ordinary course of business” and we are not substantially dependent on these
agreements. Therefore, we do not believe they are required to be filed pursuant to Item 601(b)(10).

<div align='center'>* * * * *</div>

The Company respectfully requests the Staff’s
assistance in completing the review of the Company’s responses as soon as possible. Please advise us if we can provide any further
information or assistance to facilitate your review. Please direct any further comments or questions regarding this response letter to
me at +44 7471 473950.

Sincerely,

Zura Bio Limited

| By: | /s/ Verender Badial                                                  |
|     | Verender Badial                                                      |
|     | Chief Financial Officer                                              |
| Cc: | Robert Lisicki                                                       |
|     | Chief Executive Officer                                              |
|     | Zura Bio Limited                                                     |
|     | Kim Davis                                                            |
|     | Chief Operating Officer, Chief Legal Officer and Corporate Secretary |
|     | Zura Bio Limited                                                     |

<div align='center'>Annex A

REVISED DISCLOSURE</div>

Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2025

Results of Operations

Comparison of the Three Months Ended March 31, 2025 and 2024

Research and development expenses:

The following table summarizes
our research and development expenses for the period presented (in thousands):

|                                                             |     | For the Three Months 
                Ended 
            March 31, |        |     |      |       |     | $      |       |   |
|                                                             |     |                 2025 |        |     | 2024 |       |     | Change |       |   |
| External expenses:                                          |     |                      |        |     |      |       |     |        |       |   |
| Direct expenses by program:                                 |     |                      |        |     |      |       |     |        |       |   |
| Tibulizumab Portfolio                                       |     |                      |        |     |      |