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Spyre Therapeutics (NASDAQ: SYRE) has announced the pricing of its underwritten public offering, setting the stage to raise substantial capital for its clinical-stage biotechnology endeavors. The company will offer 14,864,865 common shares at a price of $18.50 per share, projecting gross proceeds of approximately $275.0 million before deductions for underwriting discounts, commissions, and other offering-related expenses.
Moreover, the underwriters have been granted a 30-day option to purchase up to an additional 2,229,729 shares at the public offering price, potentially increasing the total capital raised. The offering is slated to close around October 15, 2025, pending customary closing conditions. The registration statement for the offering (Form S-3, File No. 333-285341) was previously declared effective on March 7, 2025.
Spyre Therapeutics (NASDAQ: SYRE) ha fissato un’offerta pubblica sottoscritta di 14.864.865 azioni ordinarie a $18,50 per azione, prevedendo di generare circa $275,0 milioni di proventi lordi prima delle detrazioni per sottoscrizione, delle commissioni e delle spese dell’offerta. L’azienda ha inoltre concesso agli underwriter un’opzione di 30 giorni per acquistare fino a ulteriori 2.229.729 azioni al prezzo di offerta pubblica.
Si prevede che l’offerta chiuda indicativamente il 15 ottobre 2025, soggetta alle consuete condizioni di chiusura. Una dichiarazione di registrazione (Modulo S-3, numero di deposito 333-285341) è entrata in vigore il 7 marzo 2025.
Spyre Therapeutics (NASDAQ: SYRE) fijó una oferta pública suscrita de 14,864,865 acciones comunes a $18.50 por acción, con ingresos brutos esperados de aproximadamente $275.0 millones antes de descuentos de suscripción, comisiones y gastos de la oferta. La compañía también otorgó a los underwriters una opción de 30 días para comprar hasta 2,229,729 acciones adicionales al precio de oferta pública.
Se espera que la oferta cierre aproximadamente el 15 de octubre de 2025, sujeto a condiciones de cierre habituales. Una declaración de registro (Form S-3, Número de archivo 333-285341) entró en vigor el 7 de marzo de 2025.
Spyre Therapeutics (NASDAQ: SYRE)는 14,864,865 주의 보통주를 주당 $18.50에 공모했고, 인수 수수료와 발행 비용 공제 전으로 약 $275.0 백만의 총모금을 예상합니다. 또한 회사는 인수자들에게 공모가로 추가로 2,229,729주를 구매할 수 있는 30일의 옵션을 부여했습니다.
공모는 대략 2025년 10월 15일에 마감될 예정이며, 일반적인 종결 조건을 전제로 합니다. 등록서(Form S-3, 파일 번호 333-285341)는 2025년 3월 7일에 효력이 발생했습니다.
Spyre Therapeutics (NASDAQ : SYRE) a fixé une offre publique souscrite de 14 864 865 actions ordinaires à 18,50 $ par action, prévoyant générer environ 275,0 millions de dollars de produits bruts avant rabais de souscription, commissions et frais d’offre. La société a également accordé aux souscripteurs une option de 30 jours pour acheter jusqu’à 2 229 729 actions supplémentaires au prix d’offre publique.
L’offre devrait être clôturée vers le 15 octobre 2025, sous réserve des conditions habituelles de clôture. Une déclaration d’enregistrement (Formulaire S-3, numéro de fichier 333-285341) est devenue effective le 7 mars 2025.
Spyre Therapeutics (NASDAQ: SYRE) hat ein unterzeichnetes öffentliches Angebot von 14.864.865 Stammaktien zu 18,50 $ pro Aktie platziert und erwartet, vor Abzügen durch Unterzeichnungsrabatte, Provisionen und Emissionsaufwendungen etwa 275,0 Millionen Dollar zu erzielen. Das Unternehmen hat den Underwritern außerdem eine 30-tägige Option eingeräumt, bis zu zusätzlichen 2.229.729 Aktien zum Angebotspreis zu erwerben.
Es wird erwartet, dass das Angebot am oder um den 15. Oktober 2025 abgeschlossen wird, vorbehaltlich üblicher Abschlussbedingungen. Eine Registrierungserklärung (Form S-3, Aktenzeichen 333-285341) wurde am 7. März 2025 wirksam.
Spyre Therapeutics (بورصة ناسداك: SYRE) حددت عرضاً عاماً مكتتباً لــ 14,864,865 سهم عادي بسعر $18.50 للسهم، مع توقع توليد عوائد إجمالية تقدر بـ $275.0 مليون قبل خصم عمولات الاكتتاب ومصاريف العرض. كما منحت الشركة المكتتبين خياراً لمدة 30 يوماً لشراء ما يصل إلى 2,229,729 سهم إضافي بالسعر المعروض.
من المتوقع أن يُغلق العرض في نحو 15 أكتوبر 2025، وفقاً لشروط الإغلاق المعتادة. Statement للتسجيل (Form S-3، رقم الملف 333-285341) أصبح ساري المفعول في 7 مارس 2025.
Spyre Therapeutics (NASDAQ: SYRE) 定价了一项公开承销发行，发行股份数为 14,864,865 股，每股价格为 $18.50 美元，预计在承销折扣、佣金和发行费用之前，毛募资约为 $275.0 百万美元。公司还给予承销商一个 30 天 的选择权，可按公开发行价额外购买至多 2,229,729 股。
本次发行预计在大约 2025 年 10 月 15 日 前后完成，须符合常见的成交条件。一份注册申明（表格 S-3，档案编号 333-285341）已于 2025 年 3 月 7 日 生效。
Positive
- Gross proceeds of approximately $275.0 million
- Underwriters may purchase an additional 2,229,729 shares (30 days)
- Offering uses an effective Form S-3 registration (effective Mar 7, 2025)
Negative
- Potential dilution of up to 17,094,594 shares if option exercised
- Net proceeds reduced by underwriting discounts, commissions, and expenses
- Closing is subject to customary conditions and not yet completed (expected Oct 15, 2025)
Insights
Offering raises $275.0 million in gross proceeds via 14,864,865 shares at $18.50; closing expected October 15, 2025.
The transaction supplies near-term capital by issuing 14,864,865 new shares at $18.50 and includes a 30-day option for an additional 2,229,729 shares; gross proceeds before fees are approximately $275.0 million. This increases the company’s cash resources while expanding the share count and transferring immediate market risk to the public markets through an underwritten offering led by several bookrunners.
Key dependencies and risks include the final prospectus terms, underwriting discounts and closing conditions, and the 30-day over-allotment exercise that could further dilute ownership. Monitor the final prospectus for net proceeds after fees, actual close on or about October 15, 2025, and whether the underwriters exercise the option within 30 days; these items determine the exact dilution and runway extension.
10/13/2025 – 09:07 PM
WALTHAM, Mass. – Spyre Therapeutics, Inc. (Nasdaq: SYRE), a biotechnology firm focused on innovative antibody engineering for inflammatory bowel disease (IBD) and other immune-mediated conditions, announced the pricing details of its public offering. The offering involves 14,864,865 shares priced at $18.50 each, potentially generating $275 million before accounting for standard underwriting expenses.
Investment banks Jefferies LLC, TD Securities (USA) LLC, Leerink Partners LLC and Stifel, Nicolaus & Company, Incorporated acted as joint book-running managers for the offering, with Wedbush Securities Inc. serving as lead manager. This signals significant institutional interest in Spyre’s pipeline and strategic direction.
The capital injection is intended to bolster Spyre’s research and development efforts, particularly its pipeline of investigational extended half-life antibodies targeting α4β7, TL1A, and IL-23. These targets are crucial in modulating the inflammatory pathways implicated in IBD and related autoimmune disorders. The extended half-life technology could translate to less frequent dosing and improved patient compliance, a key advantage in chronic disease management.
Analysts note that the success of this offering hinges on Spyre’s ability to deliver promising clinical data from its ongoing and planned trials. Any setbacks in clinical development or regulatory hurdles could negatively impact the company’s stock performance. The market will be closely watching the SKYWAY-RD Phase 2 clinical trial design and the progress of the SKYLINE-UC Phase 2 platform trial, which explores combination therapies across various regions.
The closing is expected around October 15, contingent upon customary conditions. Market observers will also be keenly watching whether the underwriters exercise their 30-day option to purchase additional shares which could provide Spyre with additional funding but also create potential shareholder dilution.
Spyre Therapeutics’ strategic focus on rationally designed therapeutic combinations and optimized dosing schedules reflects a growing trend in the biopharmaceutical industry toward precision medicine. By targeting specific disease mechanisms and tailoring treatments to individual patient needs, Spyre aims to differentiate itself in the crowded IBD market.
As always, investors should perform thorough due diligence and consider their individual risk tolerance before investing in any biotechnology company, including Spyre Therapeutics.
FAQ
How many shares did Spyre Therapeutics (SYRE) offer in the October 14, 2025 filing?
Spyre priced an offering of 14,864,865 common shares at $18.50 per share.
What are the expected gross proceeds from Spyre Therapeutics’ (SYRE) offering?
The offering is expected to generate approximately $275.0 million in gross proceeds before fees and expenses.
Does Spyre Therapeutics (SYRE) have an over-allotment option and how large is it?
Yes, underwriters have a 30-day option to buy up to 2,229,729 additional shares at the public offering price.
When is the Spyre Therapeutics (SYRE) offering expected to close?
The offering is expected to close on or about October 15, 2025, subject to customary closing conditions.
Will Spyre Therapeutics (SYRE) net the full $275.0 million from the offering?
No; the $275.0 million is gross proceeds, and net proceeds will be lower after underwriting discounts, commissions, and offering expenses.
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