Spyre Therapeutics secures $180 million in PIPE deal

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WALTHAM, Mass. – Spyre Therapeutics, Inc. (NASDAQ: SYRE), a biotech company focused on developing antibody therapeutics for inflammatory bowel disease, announced today a private investment in public equity (PIPE) financing. The transaction is expected to generate approximately $180 million in gross proceeds for the company, before deducting fees and other expenses.

The financing saw participation from a mix of new and existing investors, including prominent names such as Adage Capital Partners LP and RTW Investments. The company has agreed to sell 121,625 shares of Series B non-voting convertible preferred stock at $1,480.00 per share, which are convertible into roughly 4.865 million shares of common stock. This conversion is contingent upon shareholder approval and will adhere to certain ownership limitations.

This capital infusion is slated to close on or about Wednesday, subject to standard closing conditions. Spyre plans to allocate the net proceeds towards advancing its pipeline programs and supporting general corporate needs, with the expectation that this funding will sustain its operations well into 2027.

The PIPE financing is facilitated by a consortium of placement agents, including Jefferies, TD Cowen, Evercore ISI, Stifel, Guggenheim Securities, and LifeSci Capital. The securities offered in this transaction have not been registered under the Securities Act of 1933 and are therefore subject to certain restrictions on resale in the U.S.

Concurrent with this financing agreement, Spyre entered into a registration rights agreement with the investors, committing to register the resale of the common stock shares underlying the Series B preferred stock with the SEC.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy the securities mentioned, and there will be no sale of these securities in any jurisdiction where such an offer, solicitation, or sale would be illegal before registration or qualification under the securities laws of that jurisdiction.

The information in this report is based on a press release statement from Spyre Therapeutics.

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