Skye Bioscience entered into a definitive agreement to acquire UK-based clinical-stage biotechnology company Redx Pharma via a scheme of arrangement. The transaction values Redx at $125 million and Skye at $14.5 million, resulting in pre-Transaction Redx shareholders owning approximately 46.17% of the combined entity, which will operate as Fibrx Therapeutics. Concurrent financings include a $36 million Series A financing by Redx and a $67.9 million private placement (PIPE) by Skye, totaling approximately $125 million in gross proceeds to fund operations through 2029. Lisa Anson will serve as CEO of the combined company, while Skye's current executive team is expected to tender resignations. To regain Nasdaq listing compliance, Skye also announced a 1-for-8 reverse stock split effective August 24, 2026.
