Spyre Therapeutics (SYRE) announced $180M private placement

Spyre Therapeutics, Inc. (NASDAQ: SYRE) announced that it has entered into a securities purchase agreement for a private investment in public equity ("PIPE") financing that is expected to result in gross proceeds of approximately $180 million to the Company, before deducting placement agent fees and offering expenses. The PIPE financing included participation from both new and existing investors, including Adage Capital Partners LP, Avidity Partners, Boxer Capital, Darwin Global Management, Deep Track Capital, funds affiliated with Farallon Capital Management, L.L.C., Logos Capital, Perceptive Advisors, RTW Investments, a leading biotechnology investor associated with one of the largest alternative asset managers, and a large investment management firm.

Pursuant to the terms of the securities purchase agreement, Spyre is selling an aggregate of 121,625 shares of its Series B non-voting convertible preferred stock (the "Series B preferred stock") at a price of $1,480.00 per share. The shares of Series B preferred stock are convertible into an aggregate of 4,865,000 shares of common stock. Subject to Spyre stockholder approval, each share of Series B preferred stock will automatically convert into 40 shares of common stock, subject to certain beneficial ownership limitations set by each holder. The PIPE financing is expected to close on or about March 20, 2024, subject to satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the PIPE financing, together with the Company's existing cash, cash equivalents, and marketable securities, to fund its pipeline programs, and for general corporate purposes and working capital. The Company also expects that the net proceeds will extend its cash runway to fund its operating plan well into 2027.

Jefferies, TD Cowen, Evercore ISI, Stifel, Guggenheim Securities, and LifeSci Capital are acting as joint placement agents for the PIPE financing.

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