June 22 Quick Takes: Spyre launches onto NASDAQ via Aeglea merger

Paragon Therapeutics Inc. spun out irritable bowel disease-focused Spyre Therapeutics Inc. and reverse-merged it with Aeglea BioTherapeutics Inc. (NASDAQ:AGLE), while a syndicate led by Paragon’s backer Fairmount Funds Management supplied $210 million in a private placement. Spyre will advance preclinical antibodies targeting integrin α4β7 and TL1A; both are due in the clinic next year. Additional investors included Fidelity, Venrock, Commodore Capital, Deep Track Capital, Perceptive Advisors, RTW Investments, Cormorant Asset Management, Driehaus Capital Management, EcoR1 Capital, RA Capital Management, Surveyor Capital and Wellington Management Co. Paragon previously spun out immunology company Apogee Therapeutics Inc.

A reverse merger with Talaris Therapeutics Inc. (NASDAQ:TALS) and concurrent private placement will allow Tourmaline Bio Inc. to advance anti-IL-6 mAb TOUR006 into Phase II studies to treat thyroid eye disease and atherosclerotic cardiovascular disease. The publicly traded company will retain Tourmaline’s name and will provide liquidity to investors in its $112 million series A, completed this year; a syndicate will provide $75 million in a new private placement.  ...