Hedge fund Suvretta discloses 8.6% Zura Bio (ZURA) ownership stake

Rhea-AI Filing Summary

Suvretta Capital Management and related investors have filed an amended Schedule 13G reporting significant passive ownership in Zura Bio Limited. Suvretta and its principal, Aaron Cowen, each report beneficial ownership of 5,567,001 Class A ordinary shares, representing 8.6% of the class, mainly through advisory clients.

Averill Master Fund, Ltd., an advisory client of Suvretta, reports beneficial ownership of 4,995,444 shares, or 7.7% of the class. Voting and dispositive power over these shares is shared, with no sole voting or dispositive authority reported for any of the three reporting persons.

The securities are held by Suvretta’s advisory clients, and the investors certify that the shares were not acquired and are not held for the purpose of changing or influencing control of Zura Bio, but instead on a passive basis.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Zura Bio Limited

(Name of Issuer)

Class A Ordinary Shares, $0.0001 par value

(Title of Class of Securities)

G9TY5A101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G9TY5A101

1

Names of Reporting Persons

SUVRETTA CAPITAL MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,567,001.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,567,001.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,567,001.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.6 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. G9TY5A101

1

Names of Reporting Persons

AVERILL MASTER FUND, LTD

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,995,444.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,995,444.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,995,444.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G9TY5A101

1

Names of Reporting Persons

AARON COWEN

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,567,001.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,567,001.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,567,001.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.6 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Zura Bio Limited
(b)	Address of issuer's principal executive offices: 42250 Executive Square, Suite 600, La Jolla, California 92037
Item 2.
(a)	Name of person filing: Suvretta Capital Management, LLC - Delaware Averill Master Fund, Ltd. - Cayman Islands Aaron Cowen - U.S.A.
(b)	Address or principal business office or, if none, residence: Suvretta Capital Management, LLC: 540 Madison Avenue, 7th Floor New York, New York 10022 United States of America Averill Master Fund, Ltd.: c/o Maples Corporate Services Limited P.O. Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands Aaron Cowen: c/o Suvretta Capital Management, LLC 540 Madison Avenue, 7th Floor New York, New York 10022
(c)	Citizenship: Suvretta Capital Management, LLC - Delaware Averill Master Fund, Ltd. - Cayman Islands Aaron Cowen - U.S.A.
(d)	Title of class of securities: Class A Ordinary Shares, $0.0001 par value
(e)	CUSIP No.: G9TY5A101
Item 4.	Ownership
(a)	Amount beneficially owned: Suvretta Capital Management, LLC - 5,567,001 Averill Master Fund, Ltd. - 4,995,444 Aaron Cowen - 5,567,001
(b)	Percent of class: Suvretta Capital Management, LLC - 8.6% Averill Master Fund, Ltd. - 7.7% Aaron Cowen - 8.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Suvretta Capital Management, LLC - 0 Averill Master Fund, Ltd. - 0 Aaron Cowen - 0
	(ii) Shared power to vote or to direct the vote: Suvretta Capital Management, LLC - 5,567,001 Averill Master Fund, Ltd. - 4,995,444 Aaron Cowen - 5,567,001
	(iii) Sole power to dispose or to direct the disposition of: Suvretta Capital Management, LLC - 0 Averill Master Fund, Ltd. - 0 Aaron Cowen - 0
	(iv) Shared power to dispose or to direct the disposition of: Suvretta Capital Management, LLC - 5,567,001 Averill Master Fund, Ltd. - 4,995,444 Aaron Cowen - 5,567,001
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G Amendment No. 2 are directly owned by advisory clients of Suvretta Capital Management, LLC. None of those advisory clients, other than Averill Master Fund, Ltd., may be deemed to beneficially own more than 5% of the Class A Ordinary Shares, $0.0001 par value.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit B attached hereto.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

SUVRETTA CAPITAL MANAGEMENT, LLC

Signature:	By: /s/ Andrew Nathanson
Name/Title:	Andrew Nathanson, General Counsel and Chief Compliance Officer
Date:	02/13/2026

AVERILL MASTER FUND, LTD

Signature:	By: /s/ Andrew Nathanson
Name/Title:	Andrew Nathanson, Authorized Signatory
Date:	02/13/2026

AARON COWEN

Signature:	By: /s/ Aaron Cowen
Name/Title:	Aaron Cowen
Date:	02/13/2026

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

[Exhibit A - Joint Filing Agreement] [Exhibit B - Control Person Identification]

FAQ

What ownership stake in Zura Bio (ZURA) does Suvretta Capital report?

Suvretta Capital Management reports beneficial ownership of 5,567,001 Class A ordinary shares of Zura Bio, representing 8.6% of the class. This stake is held through its advisory clients, over which Suvretta has shared voting and dispositive power rather than sole control.

How many Zura Bio (ZURA) shares does Averill Master Fund hold?

Averill Master Fund, Ltd. reports beneficial ownership of 4,995,444 Class A ordinary shares of Zura Bio, equal to 7.7% of the class. These shares are held as an advisory client of Suvretta Capital, with shared voting and dispositive power reported.

What is Aaron Cowen’s reported beneficial ownership in Zura Bio (ZURA)?

Aaron Cowen reports beneficial ownership of 5,567,001 Class A ordinary shares of Zura Bio, also representing 8.6% of the class. He reports no sole voting or dispositive power, only shared authority, reflecting his role connected to Suvretta-managed advisory clients.

Is Suvretta’s stake in Zura Bio (ZURA) intended to influence control of the company?

The reporting persons certify the Zura Bio shares were not acquired and are not held to change or influence control of the issuer. They state the holdings are passive and not connected with any control-related transaction, other than limited nomination activities referenced in the certification.

Who directly owns the Zura Bio (ZURA) shares reported in this Schedule 13G/A?

All securities reported in this amendment are directly owned by advisory clients of Suvretta Capital Management, LLC. Suvretta and related reporting persons disclaim beneficial ownership beyond their pecuniary interest, except where specifically indicated, with Averill Master Fund the only client over 5% individually.

Why was an amended Schedule 13G filed for Zura Bio (ZURA)?

An amended Schedule 13G was filed to update beneficial ownership information for Suvretta Capital, Averill Master Fund, and Aaron Cowen in Zura Bio. It details their share counts, ownership percentages, and shared voting and dispositive powers, along with a certification of passive investment intent.