Aeglea BioTherapeutics Inc (NASDAQ: AGLE) has acquired Spyre Therapeutics, a privately-held biotechnology firm centered on creating antibody therapeutics for inflammatory bowel illness.
As a part of the acquisition, Aeglea entered right into a definitive settlement for a non-public placement of Sequence A non-voting convertible most well-liked inventory, leading to roughly $210 million in gross proceeds.
The funds might be used to advance Spyre’s portfolio of IBD merchandise and assist operations till 2026.
Spyre’s lead packages, focusing on a4b7 and TL1A, are projected to enter medical research in 2024.
The acquisition and financing transactions present Aeglea with rapid entry to public capital markets and goal to speed up analysis and improvement efforts for his or her biologics pipeline.
IBD, which causes persistent digestive tract irritation, impacts roughly 1.7 million sufferers within the U.S. The worldwide IBD market, together with Crohn’s illness and ulcerative colitis, is estimated to exceed $29 billion by 2028.
In April, Aeglea BioTherapeutics engaged Wedbush Securities to help in exploring strategic alternate options after the corporate reported disappointing interim outcomes from the Part 1/2 trial of pegtarviliase for Classical Homocystinuria.
Outcomes from the third cohort (1.35 mg/kg) didn’t present a constant discount in homocysteine ranges.
Additional evaluation indicated that individuals within the third cohort developed anti-drug antibodies.
Value Motion: AGLE shares are up 482.70% at $0.62 in the course of the premarket session on the final examine Thursday.
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