Update: Spyre Shares Fall After Pricing $350 Million Stock Offering
MT Newswires Live
Yesterday
(Updates with the latest stock price movement in the headline and the first paragraph.)
Spyre Therapeutics (SYRE) shares fell over 13% in Tuesday trading after the company priced an underwritten public offering of about 4.1 million shares at $85 apiece to raise about $350 million.
Underwriters have a 30-day option to purchase up to an additional $52.5 million of shares, Spyre said late Monday.
The firm said it plans to use the net proceeds to advance its programs in gastroenterology, rheumatology, and dermatology, among other things. It expects to close the offering Oct. 7.
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