Spyre Therapeutics, Inc. announced that it has entered into a securities purchase agreement that it will issue an aggregate of 6,000,000 shares of its common stock at a price of $15 per share for the gross proceeds of $90,000,000 and 150,000 shares of its Series B non-voting convertible preferred stock at a price of $600 per share for the gross proceeds of $90,000,000 for the aggregate gross proceeds of $180 million on December 7, 2023. The transaction will include participation from new investors such as Access Biotechnology, Braidwell LP, Polar Capital L.P., Boxer Capital LLC, Great Point Partners, LLC, Woodline Partners LP and returning investors such as Venrock Healthcare Capital Partners EG, L.P. managed by VR Adviser, LLC, Perceptive Advisors LLC, RTW Investments, LP, Fairmount Funds Management LLC, Cormorant Asset Management, LP, Deep Track Capital, LP, Affinity Asset Advisors, LLC and Commodore Capital LP. The shares of Series B preferred stock are convertible into an aggregate of 6,000,000 shares of common stock.

Subject to company's stockholder approval, each share of Series B preferred stock will automatically convert into 40 shares of common stock, subject to certain beneficial ownership limitations set by each holder. The transaction is expected to close on or about December 11, 2023, subject to satisfaction of customary closing conditions.