AGLE - Aeglea BioTherapeutics acquires Spyre; microcap up 360%

2023-06-22 08:50:21 ET

• Aeglea BioTherapeutics ( NASDAQ: AGLE ) is acquiring privately held Spyre Therapeutics.
• With the acquisition, Aeglea ( AGLE ) gains SPY001 and SPY002, antibody candidates for inflammatory bowel disease projected to enter the clinic in 2024.
• Aegle ( AGLE ) shares are up ~360% in premarket trading.
• Deal terms calls for Spyre to be acquired as a stock-for-stock transaction.
• Aeglea ( AGLE ) also entered an agreement for a PIPE investment to raise $210M in which investors will be given 721,452 shares of Series A preferred stock (721,452,000 on an as-converted-to-common basis) at a price of $291.08 per share (or $0.29108 per share on an as-converted-to-common basis).
• The acquisition has been approved by the boards of both companies.

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