Skye Bioscience and Redx Pharma to merge, form Fibrx Therapeutics with $125M financing

Skye Bioscience and Redx Pharma Limited announced on August 14, 2026 that they entered a definitive transaction agreement under which Skye will acquire the entire issued share capital of Redx via a scheme of arrangement under Part 26 of the U.K. Companies Act 2006.¹ Upon completion, the combined company will be led by Redx's current management team and board, will operate as Fibrx Therapeutics, Inc., and will trade on Nasdaq.¹

The transaction includes financing components providing aggregate gross proceeds of approximately $125 million.¹ This includes a private placement of about $68 million led by investors including Abingworth, British Business Bank, NextBio Capital, 5AM Ventures and Redmile¹, plus a $36 million Series A financing for Redx led by Abingworth.¹ Skye also entered a committed equity line facility of up to $22 million with a Redmile-affiliated fund, alongside a $5 million warrant to Redmile.¹

Both boards have unanimously approved the deal, expected to close in Q4 2026, subject to closing conditions.¹ Cash on hand, including financing proceeds, is expected to fund Fibrx's operations into 2029 and through key milestones, including topline Phase 2 data for RXC008 expected in H2 2028.¹

The lead asset, RXC008, is a potential first-in-class GI-restricted pan-ROCK inhibitor for fibrostenotic Crohn's disease, ready to begin a Phase 2 study.¹ It has an open U.S. IND and received FDA Fast Track designation in January 2026.¹

Under pro forma ownership, pre-Transaction Skye holders are expected to own approximately 5.38%, pre-Transaction Redx holders approximately 46.17%, and Financing investors approximately 48.45% of the combined company.¹ Skye shareholders will also receive a contingent value right entitling them to 90% of net cash proceeds from any monetization of nimacimab and its intellectual property.¹ The 8-K also disclosed a board-approved 1-for-8 reverse stock split, expected effective around August 24, 2026.¹