After Spyre buy, Aeglea aims high in IBD

Aeglea BioTherapeutics (Nasdaq: AGLE) has acquired Spyre Therapeutics, a privately-held biotech advancing antibody therapeutics aimed at transforming the treatment of inflammatory bowel disease (IBD).

At the same time, the Texan firm has agreed the sale of Series A non-voting convertible preferred stock in a private placement to a group of institutional accredited investors led by Fairmount Funds Management.

"The concurrent launch of Spyre and acquisition by Aeglea will provide immediate access to the public capital markets and the opportunity to accelerate research and development efforts for our broad pipeline of biologics"The private placement is expected to result in gross proceeds to Aeglea of around $210 million before deducting placement agent and other offering expenses.