Spyre Therapeutics Inc (NASDAQ:SYRE) said Monday that it is pursuing an underwritten public offering of $300 million of its common stock, triggering market movement after the company's prior clinical update. The company has granted underwriters a 30-day option to purchase up to an additional $45 million of shares at the public offering price, less the underwriting discount.
Company disclosures indicate that all shares in the proposed offering will be sold by Spyre. The transaction is subject to market conditions and other customary closing contingencies.
Jefferies LLC, Goldman Sachs & Co. LLC, Evercore ISI, and Guggenheim Securities, LLC are listed as the joint book-running managers for the offering, while LifeSci Capital LLC is identified as the passive bookrunner.
The stock exhibited notable volatility on Monday. Earlier in regular trading hours, shares climbed 23.26% after Spyre reported positive induction results from its SKYLINE trial of SPY001 in patients with moderate-to-severe ulcerative colitis. Following the offering announcement, the shares eased about 2% in after-hours trading.
Spyre is a clinical-stage biotechnology firm developing therapies for inflammatory bowel disease and other immune-mediated disorders. The company describes its approach as combining antibody engineering, dose optimization, and therapeutic combinations. Its pipeline includes investigational extended half-life antibodies directed at targets a4p7, TL1A, and IL-23.
The company’s filing and manager appointments outline the capital markets path it has chosen, with the proposed sale entirely by the issuer rather than by selling stockholders. The underwriters’ 30-day option provides a mechanism to increase the size of the offering if exercised during that period.
Investors should note that the offering remains conditioned on market and other factors, and the presence of both an immediate intraday rally tied to clinical data and a subsequent after-hours pullback illustrates recent share-price sensitivity to company announcements.