Spyre Therapeutics slips on $350 mln share sale

Merck & Co

06/10/2026 12:16

** Shares of Spyre Therapeutics SYRE.O down 4.1% at $88.90 premarket after $350 mln follow-on priced
** Biotech firm late Mon announced ~4.1 mln shares at $85, an 8.3% discount to last sale
** It intends to use net offering proceeds to advance its programs in gastroenterology, rheumatology, and dermatology, and new program to advance SPY072 into late-stage development for chronic skin disease called hidradenitis suppurativa, among other purposes
** Jefferies, TD Cowen, Leerink and Stifel joint bookrunners
** On Sept 30, SYRE shares gained ~5% after Merck's MRK.N drug tulisokibart succeeded in skin disease trial; analysts said the data supported SYRE's experimental candidates targeting the same pathway
** Waltham, Massachusetts-based SYRE had ~88.2 mln shares outstanding prior to offering
** At Mon close, stock surged 183% YTD
** 16 of 17 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $123, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))