Skye Bioscience to Acquire Redx Pharma in $125M Financed Deal
SKYE sits 96% above its 52-week low of $0.276 on light trading volume (0.2× avg).
Summary
Skye Bioscience is acquiring privately-held Redx Pharma in a definitive transaction that will create Fibrx Therapeutics, a fibrosis-focused biotech. The deal includes $125 million in committed financing from a syndicate of healthcare investors, including a $68 million PIPE and a $36 million Series A. The combined company will be led by Redx's management and expects cash runway into 2029, funding the Phase 2 trial of lead asset RXC008 for fibrostenotic Crohn's disease. This is a transformative event for Skye, which has been facing going concern warnings and Nasdaq delisting threats. The transaction is expected to close in Q4 2026, subject to shareholder approvals and other conditions.
At the time of this announcement, SKYE was trading at $0.54 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $19M. The 52-week trading range was $0.28 to $4.99. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.