Spyre Therapeutics prices $350 million share offering at $85.00
The offering of 4,117,648 shares is expected to close on or about October 7, 2026
Published
Spyre Therapeutics has priced a public offering of 4,117,648 shares of common stock at $85.00 per share, aiming to raise approximately $350 million in gross proceeds before fees. Jefferies, TD Securities, Leerink Partners and Stifel are acting as underwriters on the deal, which gives them a 30-day option to buy up to 617,647 additional shares.
The company plans to use the proceeds to advance its gastroenterology, rheumatology and dermatology programs, including late-stage development of SPY072 for hidradenitis suppurativa. Spyre also said the funds will support general corporate purposes and potential in-licensing or acquisitions. The offering is expected to close on or about October 7, 2026.
A raise of this size at $85 a share marks a sizable dilution event for a company still working through late-stage trials for hidradenitis suppurativa. Directing part of the proceeds toward general corporate purposes and possible acquisitions, rather than solely toward near-term milestones or partnerships, suggests management wants a large cash cushion on hand. Pricing a follow-on of this scale now, rather than waiting for further clinical data, implies the board sees a favorable window to raise capital, a cost that existing shareholders will bear through the enlarged share count.