Skye Bioscience and Redx Pharma agree combination to create Fibrx Therapeutics with $125 million financing

The transaction creates a Nasdaq-listed fibrosis-focused company led by Redx’s management, with financing expected to fund the Phase II development of lead Crohn’s disease candidate RXC008 and provide cash runway into 2029.

Skye Bioscience and Redx Pharma have entered a definitive agreement to combine and create Fibrx Therapeutics, alongside approximately $125 million of committed financing from new and existing investors.

The combined company will focus on Redx’s fibrosis pipeline, led by Phase II-ready RXC008 for fibrostenotic Crohn’s disease, with the financing expected to support operations into 2029 and topline Phase II data in the second half of 2028.

Field	Content
Alert Type	Deal
Companies	Skye Bioscience; Redx Pharma; Fibrx Therapeutics
Deal Type	Business combination with concurrent private financing
Asset or Company	Fibrx Therapeutics, incorporating Redx Pharma’s fibrosis pipeline led by RXC008
Therapy Area(s)	Gastroenterology; Fibrotic diseases; Inflammatory bowel disease
Technology or Modality	Small-molecule ROCK inhibitors; fibrosis-targeted therapeutics
Deal Value	The transaction is accompanied by approximately $125 million in committed financing, rather than a $125 million acquisition price. This includes approximately $68 million in private financing, a $36 million Series A financing and a $22 million equity line involving Redmile and Skye; the announced financing arrangements are subject to their respective terms and conditions. (Fierce Biotech)
Development Stage	RXC008: Phase II-ready; DDR inhibitor programme: preclinical; zelasudil (RXC007): Phase II clinical data reported
Geography	United States and United Kingdom; development programmes have global potential
What Happened	On 14 August 2026, Skye Bioscience and privately held Redx Pharma announced a definitive agreement to combine and create Fibrx Therapeutics, a publicly traded biotechnology company focused on fibrotic diseases. The combined company will be led by Redx CEO Lisa Anson, headquartered at Redx’s existing Alderley Park site in the UK and is expected to trade on Nasdaq following completion. Pre-transaction Skye shareholders are expected to own approximately 5.38%, existing Redx investors approximately 46.17% and investors participating in the new financing approximately 48.45% of Fibrx. The transaction remains subject to shareholder approvals and other closing conditions. (Fierce Biotech)
Why It Matters	The combination provides Redx’s fibrosis programmes with access to the public markets and new capital to advance development, while giving Skye shareholders exposure to a substantially different clinical pipeline after Skye paused development of obesity candidate nimacimab. The immediate development priority is RXC008, a GI-restricted pan-ROCK inhibitor intended to target intestinal fibrosis in fibrostenotic Crohn’s disease, an area where existing therapies do not directly address the underlying fibrosis. (Fierce Biotech)
Supporting Context	RXC008 has completed Phase I development and received FDA Fast Track designation in January 2026. Beyond RXC008, Fibrx is expected to retain Redx’s preclinical DDR inhibitor programme targeting kidney, lung and liver fibrosis, while selective ROCK2 inhibitor zelasudil (RXC007) is available for partnering following Phase IIa development in idiopathic pulmonary fibrosis. (Fierce Biotech)
Strategic Rationale	Redx gains a route to the Nasdaq public markets and substantial financing for its fibrosis pipeline, while Skye effectively redirects its corporate platform towards Redx’s programmes following a strategic review of nimacimab. Existing Skye shareholders will retain an additional economic interest in nimacimab through entitlement to 90% of net cash proceeds realised from any future monetisation of the programme and associated intellectual property. (Fierce Biotech)
Potential Impact	The financing is expected to provide Fibrx with cash runway into 2029 and fund RXC008 through its planned Phase II trial in fibrostenotic Crohn’s disease. Successful development could establish proof of concept for directly targeting intestinal fibrosis, but this remains dependent on prospective Phase II results. (Fierce Biotech)
Key Takeaway	The Skye-Redx combination creates a newly financed public biotechnology company centred on Redx’s fibrosis pipeline, with RXC008 and its upcoming Phase II Crohn’s disease study as the principal near-term value driver.
What to Watch	Transaction closing and shareholder approvals, initiation of the RXC008 Phase II study, the planned second-half 2028 topline data, progress of the DDR inhibitor towards an IND/CTA submission in 2027 and any partnering agreement for zelasudil. (Fierce Biotech)
Primary Source	Skye Bioscience and Redx Pharma definitive transaction announcement, 14 August 2026
Relevant Date	14 August 2026

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