Skye Bioscience to acquire Redx Pharma in $125M financing-backed deal, forming fibrosis-focused Fibrx Therapeutics
核心洞察
Skye Bioscience will acquire UK-based Redx Pharma (搜索) via a UK scheme of arrangement, with the combined company trading on Nasdaq as Fibrx Therapeutics (搜索) and led by Redx's management team.
The transaction is backed by roughly $125 million in concurrent financings, including a $68 million PIPE and a $36 million Redx Series A, with cash expected to fund operations into 2029.
Fibrx will focus on fibrosis, led by RXC008, a GI-restricted pan-ROCK (搜索) inhibitor for fibrostenotic Crohn's disease (搜索) holding FDA Fast Track designation and an open US IND.
Skye Bioscience, Inc. (Nasdaq: SKYE) will acquire UK-based Redx Pharma (搜索) Limited via a scheme of arrangement under the UK Companies Act 2006, the companies announced on August 14, 2026. The combined firm will trade on Nasdaq as Fibrx Therapeutics (搜索) and be led by Redx's current management team and board, with the company headquartered at Redx's existing Alderley Park site. The transaction is backed by roughly $125 million in concurrent financings and is expected to close in Q4 2026.
The deal effectively provides Redx's fibrosis pipeline and management team with a Nasdaq-listed vehicle. Under the ownership structure, existing Redx shareholders will own approximately 46.17% of the combined company, existing Skye shareholders just 5.38%, and financing investors the remaining 48.45%.
A reverse-merger route to public markets
The transaction pairs Redx's fibrosis pipeline with Skye's Nasdaq listing and a fresh capital stack aimed squarely at a single lead asset through mid-stage data. Redx is a privately held, clinical-stage biotech developing small-molecule medicines for fibrotic disease, while Skye provides the public listing and financing structure for the combination.
Both boards have unanimously approved the deal, and certain shareholders have signed voting and support agreements. Completion remains subject to closing conditions and shareholder approvals from both companies, as well as court sanction of the UK scheme of arrangement.
The lead asset: RXC008 in fibrostenotic Crohn's disease
Fibrx will focus on fibrosis, with its lead program RXC008 — Redx's GI-restricted pan-ROCK (搜索) inhibitor (rho-associated protein kinase inhibitor) for fibrostenotic Crohn's disease (搜索). The indication has no currently approved therapy targeting the underlying fibrotic mechanism.
RXC008 holds FDA Fast Track designation and an open US investigational new drug (IND) application. The drug is set to commence a Phase 2 study in H2 2026, with topline data expected in the second half of 2028.
Beyond RXC008, the pipeline includes zelasudil (RXC007), a selective ROCK2 inhibitor that completed a Phase 2 signal-searching study in idiopathic pulmonary fibrosis (搜索) (IPF) and is being positioned for partnering, as well as a preclinical discoidin domain receptor (搜索) (DDR) inhibitor program with an IND submission targeted for 2027. Redx previously sold its KRAS inhibitor program to Jazz Pharmaceuticals for $10 million upfront and up to $870 million in milestones.
Follow the money
The $125 million comes in several parts. A roughly $68 million PIPE financing, led by investors including Abingworth, British Business Bank, NEXTBio Capital, 5AM Ventures, and existing Redx shareholder Redmile, is set to close immediately after the transaction.
Separately, Redx signed a $36 million Series A led by Abingworth, with British Business Bank and Redmile, expected to close within days subject to Redx shareholder approval. Skye also agreed a committed equity line facility of up to $22 million with a Redmile-affiliated fund, and will issue Redmile a warrant valued at $5 million at closing.
The combined cash balance is expected to fund operations into 2029 and through the RXC008 Phase 2 topline readout.
Skye's strategic pivot away from obesity
The deal follows Skye's decision in Q2 2026 to discontinue its Phase IIa CBeyond obesity (搜索) trial of nimacimab, a CB1 (搜索) receptor inhibitor, and pause development of the CB1-targeting antibody after reassessing its commercial prospects. Skye had been evaluating strategic alternatives following a review of the competitive landscape.
Pre-transaction Skye shareholders will receive one contingent value right (CVR) per share, entitling them collectively to 90% of net proceeds from any monetization of nimacimab within 12 months of closing.
Risks ahead
The Series A hinges on a Redx shareholder vote, and the Phase 2 program still carries clinical risk ahead of the 2028 data readout. Completion of the overall transaction remains subject to closing conditions and shareholder approvals.