Aeglea BioTherapeutics (NASDAQ:AGLE) stock is undergoing a massive rally on Thursday after it announced its acquisition of Spyre Therapeutics.
Aeglea BioTherapeutics has completed its acquisition of the privately-held biotechnology company. Spyre Therapeutics has several antibody therapeutics in its pipeline for the treatment of inflammatory bowel disease (IBD).
Also worth noting is Spyre Therapeutics’ origin. The company started out as a spinoff from Paragon Therapeutics. Additionally, Aeglea BioTherapeutics has secured a private placement of $210 million to progress Spyre Therapeutics’ research into IBD. This should last the company through 2026.
Jonathan Alspaugh, President and Chief Financial Officer of Aeglea BioTherapeutics, said the following about the acquisition:
“Spyre’s approach to therapeutics development aims to transform the current treatment experience for individuals living with IBD. The company is making rapid progress advancing their two parallel lead programs into the clinic, and we believe these programs will enable us to capture a sizable share of the growing IBD market.”
AGLE Stock Movement on Thursday
With this deal complete, shares of AGLE stock are seeing incredibly heavy trading today. As of this writing, more than 197 million shares have been traded. The company’s daily average is about 903,000 shares. This comes as the company used a stock-for-stock transaction to acquire Spyre Therapeutics.
AGLE stock is up 392% as of Thursday morning.
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InvestorPlace is home to all of the most recent stock market news that traders need to know about on Thursday! Among that news is what has shares of the Schwab US Dividend Equity ETF (NYSEARCA:SCHD) moving, the latest happenings from AMC Entertainment (NYSE:AMC), and more. You can read up on all of this news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
