Spyre Therapeutics Unveils $300 Mln Public Offering Of Shares; Stock Down

(RTTNews) - Spyre Therapeutics, Inc. (SYRE), a clinical-stage biotechnology company, announced that it has commenced an underwritten public offering of $300 million of shares of its common stock.

In addition, the firm is expected to grant the underwriters of the offering an option to purchase an additional $45.0 million of shares of common stock at the public offering price, less the underwriting discount, for a period of 30 days.

Jefferies LLC, Goldman Sachs & Co. LLC, Evercore ISI, and Guggenheim Securities, LLC are acting as the joint book-running managers for the proposed offering.

According to Spyre, the offering is subject to market and other conditions, and there can be no assurance that the offering will be completed, or when, or as to the actual size or terms of the offering. Spyre aims to develop the next generation of products for inflammatory bowel disease (IBD) and other immune-mediated diseases. Spyre's pipeline includes investigational extended half-life antibodies, namely SPY001, SPY002, SPY003, and SPY072, as well as combination programs with those antibodies.

SYRE has traded between $12.04 and $75 over the last year. The stock closed Monday's trade at $63.27, up 23.36%.

In the overnight market, SYRE is down $4.87% at $60.19.

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