Aeglea BioTherapeutics acquires Spyre Therapeutics

Aeglea BioTherapeutics has completed the acquisition of Spyre Therapeutics, a privately held biotechnology company advancing a pipeline of antibody therapeutics with the potential to transform the treatment of inflammatory bowel disease – IBD -. Concurrent with the acquisition of Spyre, Aeglea entered into a definitive agreement for the sale of Series A non-voting convertible preferred stock in a private placement to a group of institutional accredited investors led by Fairmount Funds Management, with participation from Fidelity Management & Research, Venrock Healthcare Capital, Commodore Capital, Deep Track Capital, Perceptive Advisors, RTW Investments, Cormorant Asset Management, Driehaus Capital, Ecor1 Capital, RA Capital Management, Surveyor Capital and Wellington Management, as well as additional undisclosed institutional investors. The private placement is expected to result in gross proceeds to Aeglea of approximately $210M before deducting placement agent and other offering expenses. The proceeds from the private placement are intended to be used to advance Spyre’s portfolio of IBD products through multiple data milestones and are expected to fund operations into 2026. Spyre’s lead programs are projected to enter clinical studies in 2024, with clinical data for SPY001 expected by YE2024.