Skye to acquire UK's Redx, forming fibrosis-focused Fibrx with $125M in financings
What's the deal? Skye Bioscience will acquire UK-based Redx Pharma through a scheme of arrangement, creating a fibrosis-focused company that will operate as Fibrx TherapeuticsDealroom has a profile for this one. Try Dealroom → and trade on Nasdaq. The combined entity will be led by Redx's current management team and board. The deal is expected to close in Q4 2026.
What does each company do? Skye is a San Diego-based, Nasdaq-listed biotech, while Redx is a privately held, UK-based clinical-stage company developing small-molecule medicines for fibrotic disease. Fibrx's lead programme will be RXC008, Redx's GI-restricted pan-ROCK inhibitor for fibrostenotic Crohn's disease.
What's the endgame? RXC008 carries an open US Investigational New Drug application, FDA Fast Track designation and a planned Phase 2 study. Topline data is expected in the second half of 2028.
The money: The transaction comes with roughly $125 million in aggregate gross proceeds across several components. A PIPE financing of about $68 million — backed by AbingworthDealroom has a profile for this one. Try Dealroom →, British Business Bank, NEXTBio CapitalDealroom has a profile for this one. Try Dealroom →, 5AM VenturesDealroom has a profile for this one. Try Dealroom → and Redx shareholder RedmileDealroom has a profile for this one. Try Dealroom → — is expected to close immediately after the transaction.
Redx also entered a $36 million Series A financing led by Abingworth, with British Business Bank and Redmile participating, expected to close within days subject to shareholder approval. Separately, Skye agreed to 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.
Why now? The combined cash balance, including the new financings, is expected to fund Fibrx's operations into 2029 and through key clinical milestones, including the RXC008 Phase 2 topline readout.
The signal: The deal offers a private UK biotech a Nasdaq listing without a traditional IPO while giving Skye a late-stage fibrosis pipeline — a reverse-merger-style route for clinical-stage drug developers to reach public markets and lock in capital in a single move.
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