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 that it has commenced an underwritten public
offering of up to $200.0 million of
shares of its common stock or, in lieu of issuing common stock to
certain investors, pre-funded warrants to purchase shares of its
common stock. In addition, the Company is expected to grant the
underwriters of the offering an option for a period of 30 days to
purchase up to an additional $30.0
million of shares of common stock at the public offering
price, less the underwriting discount. All of the shares of common
stock and pre-funded warrants in the offering will be sold by
Spyre.
The offering is subject to market and other conditions, and
there can be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering.
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 proposed 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 prospectus relating to and describing the terms of the
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov. When available, copies
of the preliminary 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. The final terms
of the offering will be disclosed in a final prospectus supplement
to be filed with the SEC.
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
proposed offering, including the timing, size, structure and
completion of the proposed offering on the anticipated terms or at
all and the satisfaction of customary closing conditions related 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 Company's
anticipated completion 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.