WALTHAM,
Mass., Nov. 18, 2024 /PRNewswire/ -- Spyre
Therapeutics, Inc. ("Spyre" or the "Company") (NASDAQ: SYRE), a
clinical-stage biotechnology company utilizing best-in-class
antibody engineering, rational therapeutic combinations, and
precision medicine approaches to target improved efficacy and
convenience in the treatment of inflammatory bowel disease ("IBD"),
today announced the pricing of its previously announced
underwritten public offering of 7,275,000 shares of its common
stock at a price to the public of $27.50 per share. The aggregate gross proceeds to
the Company from this offering are expected to be $200.0 million, before deducting underwriting
discounts and commissions and other offering expenses. In addition,
the Company has granted the underwriters of the offering an option
for a period of 30 days to purchase up to an additional 1,091,250
shares of the Company's common stock at the public offering price,
less the underwriting discount.
The offering is expected to close on or about November 20, 2024, subject to satisfaction of
customary closing conditions. Jefferies LLC, Goldman Sachs &
Co. LLC, Evercore Group L.L.C., and Guggenheim Securities, LLC are
acting as the joint book-running managers for the offering. LifeSci
Capital LLC is acting as lead manager for the proposed
offering.
A registration statement on Form S-3 (File No. 333-281975)
relating to these securities has been filed with the Securities and
Exchange Commission (the "SEC") and became effective on
September 18, 2024. This offering is
being made solely by means of a prospectus supplement and
accompanying prospectus. A preliminary prospectus supplement and
accompanying base prospectus relating to and describing the terms
of the offering has been filed with the SEC and is available on the
SEC's website located at http://www.sec.gov. When available, copies
of the final prospectus supplement and the accompanying prospectus
related to the offering may be obtained from Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, New York, NY 10022, by
telephone at (877) 821-7388 or by email at
Prospectus_Department@Jefferies.com; Goldman Sachs & Co. LLC,
Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526,
facsimile: 212-902-9316 or by email at
Prospectus-ny@ny.email.gs.com; Evercore Group L.L.C., Attention:
Equity Capital Markets, 55 East 52nd Street, 35th Floor,
New York, New York 10055, by
telephone at (888) 474-0200, or by email at
ecm.prospectus@evercore.com; and Guggenheim Securities, LLC,
Attention: Equity Syndicate Department, 330 Madison Avenue, 8th
Floor, New York, NY 10017, or by
telephone at (212) 518-9544 or by email at
GSEquityProspectusDelivery@guggenheimpartners.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Spyre Therapeutics
Spyre Therapeutics is a biotechnology company that aims to
create the next-generation of inflammatory bowel disease (IBD)
products by combining best-in-class antibody engineering, rational
therapeutic combinations, and precision medicine approaches.
Spyre's pipeline includes investigational extended half-life
antibodies targeting α4β7, TL1A, and IL-23.
Safe Harbor / Forward Looking Statements
This press release contains "forward-looking" statements within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. All statements contained
in this press release, other than statements of historical fact are
forward-looking statements. These forward-looking statements
include statements regarding Spyre's expectations regarding the
consummation of the offering and the satisfaction of customary
closing conditions with respect to the offering. The words
"believe," "may," "will," "potentially," "estimate," "continue,"
"anticipate," "predict," "target," "intend," "could," "would,"
"should," "project," "plan," "expect," the negatives of these
terms, and similar expressions that convey uncertainty of future
events or outcomes are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words.
These forward-looking statements are subject to a number of
risks, uncertainties and assumptions, including the anticipated
timing of the offering, market conditions and satisfaction of
customary closing conditions related to the offering, the expected
or potential impact of macroeconomic conditions, including
inflationary pressures, rising interest rates, general economic
slowdown or a recession, changes in monetary policy, volatile
market conditions, financial institution instability, as well as
geopolitical instability, including the ongoing military conflict
in Ukraine, conflict in
Israel and surrounding areas, and
geopolitical tensions in China on
the Company's operations, the potential impacts of the BIOSECURE
Act bill if passed into law and those risks described in the
Company's most recent Annual Report on Form 10-K, its subsequent
Quarterly Reports on Form 10-Q, as well as in other filings and
reports that the Company makes from time to time with the SEC.
Moreover, the Company operates in a very competitive and rapidly
changing environment, and new risks emerge from time to time. It is
not possible for the Company's management to predict all risks, nor
can the Company assess the impact of all factors on the business or
the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements it may make. In light of these
risks, uncertainties, and assumptions, the forward-looking events
and circumstances discussed in this press release may not occur and
actual results could differ materially and adversely from those
anticipated or implied in the forward-looking statements.
You should not rely upon forward-looking statements as
predictions of future events. Although the Company believes that
the expectations reflected in the forward-looking statements are
reasonable, the Company cannot guarantee that the future results,
levels of activity, performance or events and circumstances
reflected in the forward-looking statements will be achieved or
occur. The Company undertakes no obligation to update publicly any
forward-looking statement for any reason after the date of this
press release to conform these statements to actual results, to
reflect changes in the Company's expectations, or otherwise, except
as required by law.
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SOURCE Spyre Therapeutics, Inc.
