Aeglea Bio soars on buyout of biotech Spyre Therapeutics

Spyre Therapeutics

22/06/2023 15:14

** Shares of drug developer Aeglea BioTherapeutics  AGLE.O 
jump more than seven fold to 96 cents in early trade 
    ** Co to acquire privately owned biotech Spyre Therapeutics
in an all-stock deal 
    ** AGLE says combined co is expected to have about $220 mln
in cash or cash equivalents at deal close, which is expected to
fund operations into 2026
    ** Deal adds Spyre's two antibody drug candidates, expected
to enter clinical trials next year, to AGLE's pipeline
    ** Under terms, all of Spyre's outstanding equity interests
were exchanged with a combination of about 13 mln shares of AGLE
common stock and 364,889 of AGLE's Series A preferred stock 
    ** AGLE also entered into private placement with existing
and new investors to raise $210 mln 
    ** Including session moves, AGLE up ~37% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))