Access Industries group lifts Zura Bio (ZURA) stake to 18.2%

Rhea-AI Filing Summary

Zura Bio Limited’s major shareholder group updated its ownership disclosure in this Schedule 13D amendment. AI Biotechnology LLC bought 2,000,000 Class A Ordinary Shares on February 26, 2026 at $6.25 per share in a registered offering, funded with capital from affiliated entities.

After this purchase, AI Biotechnology LLC, together with related Access Industries entities and Len Blavatnik, reports beneficial ownership of 19,699,071 Class A Ordinary Shares, or 18.2% of the class. This figure includes 6,552,725 shares held directly and 13,146,346 shares issuable upon exercise of Private Placement Warrants, which are subject to a “Beneficial Ownership Blocker” that generally limits exercises above 9.99%, or up to 19.99% after notice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Zura Bio Limited

(Name of Issuer)

Class A Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

Alejandro Moreno
c/o Access Industries, Inc., 40 West 57th Street, 28th Floor
New York, NY, 10019
(212) 247-6400

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

02/26/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

AI Biotechnology LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,699,071.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,699,071.00

11

Aggregate amount beneficially owned by each reporting person

19,699,071.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) The total number of Class A Ordinary Shares, par value $0.0001 per share ("Class A Ordinary Shares") of Zura Bio Limited (the "Issuer") reported as beneficially owned includes (i) 6,552,725 Class A Ordinary Shares held directly by AI Biotechnology LLC ("AIB") and (ii) 13,146,346 Class A Ordinary Shares issuable upon the conversion of the Private Placement Warrants (as defined in Item 3 herein) held directly by AIB, which are exercisable at any time or times on or after the date of issuance, subject to the Beneficial Ownership Blocker (as defined in Item 5 herein). (2) The percent of Class A Ordinary Shares reported as beneficially owned is calculated based on the number of Class A Ordinary Shares described in footnote (1) above and, as the denominator, the sum of (i) 94,875,460 Class A Ordinary Shares outstanding, as set forth in the Issuer's Current Report on Form 8-K, filed with the SEC on February 26, 2026 and (ii) 13,146,346 Class A Ordinary Shares issuable upon the exercise of Private Placement Warrants held by AIB.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Access Industries Holdings LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,699,071.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,699,071.00

11

Aggregate amount beneficially owned by each reporting person

19,699,071.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) The total number of Class A Ordinary Shares of the Issuer reported as beneficially owned includes (i) 6,552,725 Class A Ordinary Shares held directly by AIB and (ii) 13,146,346 Class A Ordinary Shares issuable upon the conversion of the Private Placement Warrants held directly by AIB, which are exercisable at any time or times on or after the date of issuance, subject to the Beneficial Ownership Blocker. (2) The percent of Class A Ordinary Shares reported as beneficially owned is calculated based on the number of Class A Ordinary Shares described in footnote (1) above and, as the denominator, the sum of (i) 94,875,460 Class A Ordinary Shares outstanding, as set forth in the Issuer's Current Report on Form 8-K, filed with the SEC on February 26, 2026 and (ii) 13,146,346 Class A Ordinary Shares issuable upon the exercise of Private Placement Warrants held by AIB.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Access Industries Management, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,699,071.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,699,071.00

11

Aggregate amount beneficially owned by each reporting person

19,699,071.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) The total number of Class A Ordinary Shares of the Issuer reported as beneficially owned includes (i) 6,552,725 Class A Ordinary Shares held directly by AIB and (ii) 13,146,346 Class A Ordinary Shares issuable upon the conversion of the Private Placement Warrants held directly by AIB, which are exercisable at any time or times on or after the date of issuance, subject to the Beneficial Ownership Blocker. (2) The percent of Class A Ordinary Shares reported as beneficially owned is calculated based on the number of Class A Ordinary Shares described in footnote (1) above and, as the denominator, the sum of (i) 94,875,460 Class A Ordinary Shares outstanding, as set forth in the Issuer's Current Report on Form 8-K, filed with the SEC on February 26, 2026 and (ii) 13,146,346 Class A Ordinary Shares issuable upon the exercise of Private Placement Warrants held by AIB.

SCHEDULE 13D

CUSIP Number(s):

1

Name of reporting person

Len Blavatnik

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,699,071.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,699,071.00

11

Aggregate amount beneficially owned by each reporting person

19,699,071.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) The total number of Class A Ordinary Shares of the Issuer reported as beneficially owned includes (i) 6,552,725 Class A Ordinary Shares held directly by AIB and (ii) 13,146,346 Class A Ordinary Shares issuable upon the conversion of the Private Placement Warrants held directly by AIB, which are exercisable at any time or times on or after the date of issuance, subject to the Beneficial Ownership Blocker. (2) The percent of Class A Ordinary Shares reported as beneficially owned is calculated based on the number of Class A Ordinary Shares described in footnote (1) above and, as the denominator, the sum of (i) 94,875,460 Class A Ordinary Shares outstanding, as set forth in the Issuer's Current Report on Form 8-K, filed with the SEC on February 26, 2026 and (ii) 13,146,346 Class A Ordinary Shares issuable upon the exercise of Private Placement Warrants held by AIB.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Ordinary Shares, par value $0.0001 per share
(b)	Name of Issuer: Zura Bio Limited
(c)	Address of Issuer's Principal Executive Offices: 1489 W. Warm Springs Rd. #110, Henderson, NEVADA , 89014.
Item 1 Comment: This Amendment No. 1 to Schedule 13D amends the Schedule 13D previously filed with the SEC by the Reporting Persons on May 28, 2025.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following: On February 26, 2026, AIB purchased 2,000,000 Class A Ordinary Shares at a purchase price of $6.25 per share pursuant to a registered offering of Class A Ordinary Shares by the Issuer. AIB funded this purchase using capital contributed from affiliated entities, which funded that capital using cash on hand.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and restated as follows: The responses of each of the Reporting Persons with respect to Rows 11, 12, and 13 of the cover pages of this Schedule 13D that relate to the aggregate number and percentage of Class A Ordinary Shares (including but not limited to footnotes to such information) are incorporated herein by reference. The Private Placement Warrants may not be exercised if the aggregate number of Class A Ordinary Shares beneficially owned by the holder thereof immediately following such exercise would exceed 9.99% of the Class A Ordinary Shares outstanding, as calculated under Rule 13d-3 of the Securities Exchange Act of 1934, as amended; provided, however, that AIB may increase or decrease the foregoing beneficial ownership limitation by giving notice to the Issuer (such notice not to be effective until the sixty-first day after the notice is delivered to the Issuer), but not to exceed any percentage in excess of 19.99% (such limitations, the "Beneficial Ownership Blocker"). As of the date of this filing, and pursuant to the Beneficial Ownership Blocker, 3,255,460 Class A Ordinary Shares are issuable at any time or times upon the partial conversion of Private Placement Warrants and 13,146,346 Class A Ordinary Shares are issuable upon the conversion of Private Placement Warrants, if AIB delivered notice to the Issuer to increase the beneficial ownership limitation to 19.99% (such notice not to be effective until the sixty-first day after the date such notice is delivered to the Issuer).
(b)	The responses of each of the Reporting Persons with respect to Rows 7, 8, 9, and 10 of the cover pages of this Schedule 13D that relate to the number of Class A Ordinary Shares as to which each of the Reporting Persons has sole or shared power to vote or to direct the vote of and sole or shared power to dispose of or to direct the disposition of (including but not limited to footnotes to such information) are incorporated herein by reference. 6,552,725 Class A Ordinary Shares and Private Placement Warrants exercisable into 13,146,346 Class A Ordinary Shares are held directly by AIB and may be deemed to be beneficially owned by AIM, AIH and Mr. Blavatnik because (i) Mr. Blavatnik controls AIM and AIH, (ii) AIM controls AIH, and (iii) AIH owns all of the voting units of AIB. Each of AIH, AIM and Mr. Blavatnik, and each of their affiliated entities and the officers, partners, members and managers thereof, disclaims beneficial ownership of these securities.
(c)	The information set forth in Item 3 hereof is incorporated herein by reference.
(d)	Not applicable.
(e)	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AI Biotechnology LLC

Signature:	/s/ Alejandro Moreno
Name/Title:	Alejandro Moreno, Executive Vice President
Date:	03/02/2026

Access Industries Holdings LLC

Signature:	/s/ Alejandro Moreno
Name/Title:	Alejandro Moreno, Executive Vice President
Date:	03/02/2026

Access Industries Management, LLC

Signature:	/s/ Alejandro Moreno
Name/Title:	Alejandro Moreno, Executive Vice President
Date:	03/02/2026

Len Blavatnik

Signature:	*
Name/Title:	Len Blavatnik
Date:	03/02/2026

Comments accompanying signature:

* The undersigned, by signing his name hereto, executes this Amendment No. 1 to Schedule 13D pursuant to the Power of Attorney executed on behalf of Mr. Blavatnik and filed herewith. By: /s/ Alejandro Moreno Name: Alejandro Moreno Title: Attorney-in-Fact

FAQ

What ownership stake in ZURA does AI Biotechnology LLC report in this Schedule 13D/A?

The reporting group discloses beneficial ownership of 19,699,071 Class A Ordinary Shares, representing 18.2% of Zura Bio’s Class A Ordinary Shares. This includes both shares held directly and shares issuable upon exercise of Private Placement Warrants, as described in the filing.

How many ZURA shares did AI Biotechnology LLC recently purchase and at what price?

AI Biotechnology LLC purchased 2,000,000 Class A Ordinary Shares of Zura Bio at $6.25 per share on February 26, 2026. The purchase was made in a registered offering and funded with capital contributed by affiliated entities using existing cash.

How is the 18.2% beneficial ownership in Zura Bio calculated for ZURA?

The 18.2% figure uses 94,875,460 Class A Ordinary Shares outstanding plus 13,146,346 shares issuable from Private Placement Warrants held by AI Biotechnology LLC. The total beneficially owned shares of 19,699,071 are divided by this combined denominator, as detailed in the disclosure.

What ZURA securities does AI Biotechnology LLC hold directly and through warrants?

AI Biotechnology LLC directly holds 6,552,725 Class A Ordinary Shares and Private Placement Warrants exercisable into 13,146,346 additional shares. These warrants are exercisable at any time after issuance, subject to a Beneficial Ownership Blocker limiting post-exercise ownership percentages.

What is the Beneficial Ownership Blocker described for ZURA’s Private Placement Warrants?

The Beneficial Ownership Blocker prevents warrant exercise if it would push the holder above 9.99% ownership of outstanding Class A shares. AI Biotechnology LLC can adjust this cap up to 19.99% by giving notice, effective on the sixty-first day after delivery.

Which entities are deemed to beneficially own ZURA shares alongside AI Biotechnology LLC?

Alongside AI Biotechnology LLC, Access Industries Holdings LLC, Access Industries Management, LLC, and Len Blavatnik may be deemed to beneficially own the same Zura Bio securities through their control relationships, although each disclaims beneficial ownership in the filing.