Spyre prices $350 million share offering at $85 each

Spyre Therapeutics said it has priced its previously announced public offering of 4,117,648 common shares at $85.00 each, a deal that is expected to bring in about $350.0 million before underwriting discounts, commissions and other expenses. The company said the offering is expected to close on or about October 7, 2026, subject to customary closing conditions.

If you follow biotech fundraisings, the practical point is that Spyre is adding capital rather than changing its business model. The company said it intends to use the net proceeds to keep advancing programs in gastroenterology, rheumatology and dermatology, including preclinical studies, clinical trials, manufacturing and Phase 3 readiness, as well as a new program to advance SPY072 into late-stage development for hidradenitis suppurativa.

Spyre also said it has granted the underwriters a 30-day option to buy up to about $52.5 million of additional shares on the same terms and conditions. Jefferies, TD Cowen, Leerink Partners and Stifel are acting as joint book-running managers, and LifeSci Capital is acting as passive bookrunner.

The company said any remaining proceeds will go to other ongoing research and development, working capital and other general corporate purposes. It added that the shares are being offered under a registration statement on Form S-3 that became effective on June 26, 2026, and that the offering is being made only by means of a prospectus supplement and accompanying prospectus.