IBD

Spyre Therapeutics (SYRE) announced the pricing of its public offering of 14,864,865 shares at $18.50 per share, projecting $275.0 million in gross proceeds. Underwriters have a 30-day option to purchase an additional 2,229,729 shares. The offering is expected to close around October 15, 2025, pending customary conditions. Funds will support research and development of antibody therapies for IBD and other immune-mediated conditions. Jefferies, TD Securities, Leerink Partners, and Stifel acted as joint book-running managers.

Spyre Therapeutics presented promising data at UEGW 2025 on SPY002, a potential IBD treatment. Phase 1 results showed SPY002 was well-tolerated, suppressed TL1A, and has a PK profile consistent with less frequent dosing. Preclinical data showed combination therapies (α4β7 + TL1A, α4β7 + IL-23, TL1A + IL-23) outperformed monotherapies in mouse models, supporting the ongoing SKYLINE-UC Phase 2 study. Analysts urge caution, emphasizing the need for clinical validation in later-stage trials.