Spyre Therapeutics slips on $350 million share sale
SYRE•Spyre Therapeutics priced a $350 million follow-on offering of about 4.1 million shares at $85 each, an 8.3% discount to its last sale. The company plans to use the proceeds to advance its programs, including SPY072 for hidradenitis suppurativa.
1. Offering details
Spyre Therapeutics announced the pricing of about 4.1 million shares at $85 each, raising $350 million. The shares were down 4.1% at $88.90 in premarket trading after the offering was priced.
2. Planned use of proceeds
The company intends to use net proceeds to advance programs in gastroenterology, rheumatology and dermatology, and to move SPY072 into late-stage development for hidradenitis suppurativa, a chronic skin disease, among other purposes. Jefferies, TD Cowen, Leerink and Stifel are joint bookrunners.
3. Company context
Spyre had about 88.2 million shares outstanding before the offering. Its shares had surged 183% year to date at Monday's close.
