San Diego, California / Alderley Park, United Kingdom — August 14, 2026
Skye Bioscience, Inc. and Redx Pharma Limited have entered into a definitive transaction agreement that is expected to create Fibrx Therapeutics, Inc., a fibrosis-focused clinical-stage biotechnology company expected to trade on Nasdaq. The transaction brings together Redx’s fibrosis-focused pipeline and Skye’s public-company platform, with the combined company set to be led by the Redx management team and board. The companies also announced approximately $125 million in aggregate financing commitments, designed to support development of the combined pipeline through major clinical milestones. Following completion, Fibrx Therapeutics will focus primarily on developing targeted therapies for fibrotic diseases, with RXC008 positioned as its lead clinical program. The transaction is expected to close in Q4 2026, subject to shareholder, regulatory and other customary closing conditions.
$125 Million Financing Supports Clinical Development
The proposed transaction is accompanied by several financing components intended to provide the combined company with substantial resources for clinical development. Skye has entered into a private placement expected to generate approximately $68 million, while Redx has entered into a $36 million Series A financing. In addition, an equity line facility of up to $22 million has been established in connection with the transaction. Together, these financing arrangements are expected to provide approximately $125 million in gross proceeds. Upon closing, the combined company’s available capital is expected to fund operations into 2029, including development of RXC008 through its planned Phase 2 study. The financing is particularly important for the fibrosis-focused strategy because the new company intends to advance multiple programs while reaching significant clinical value inflection points. The transaction therefore represents both a corporate combination and a substantial capitalization event designed to accelerate clinical development.
RXC008 Leads Fibrosis-Focused Pipeline
The primary development focus of Fibrx will be RXC008, an oral, GI-restricted pan-ROCK inhibitor being developed for fibrostenotic Crohn’s disease. The program has an open U.S. Investigational New Drug application and received FDA Fast Track designation in January 2026. RXC008 is expected to enter a Phase 2 clinical study during the second half of 2026, with topline data anticipated in the second half of 2028. Fibrostenotic Crohn’s disease is characterized by intestinal fibrosis and strictures, and current treatment options do not directly address the underlying fibrotic process, with surgical intervention frequently required for severe disease. Redx has reported preclinical evidence supporting the potential of RXC008 to influence fibrosis in the gastrointestinal tract, while Phase 1 results showed favorable tolerability, tissue exposure and no clinically relevant systemic breakthrough or hypotension. The combined company will also advance zelasudil (RXC007), a selective ROCK2 inhibitor with potential applications in pulmonary and other fibrotic diseases, alongside a preclinical Discoidin Domain Receptor inhibitor program.
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Fibrx Set to Advance Targeted Antifibrotic Therapies
Upon completion of the transaction, Fibrx Therapeutics is expected to operate as a dedicated fibrosis-focused biotechnology company headquartered in Alderley Park, U.K., with Redx’s current leadership taking key management positions. Lisa Anson is expected to serve as Chief Executive Officer, while Peter Collum is expected to serve as Chief Financial Officer and Dr. Mei-Lun Wang is expected to join as Chief Medical Officer. The combined company will focus on advancing small-molecule targeted medicines for fibrotic diseases, with RXC008 representing the immediate clinical priority. The transaction also includes contingent value rights for certain existing Skye and Redx shareholders related to potential future monetization of legacy and partnered assets. Subject to required approvals and closing conditions, the transaction could establish Fibrx as a Nasdaq-listed fibrosis-focused biotechnology company with sufficient capital to pursue its lead Phase 2 program and additional pipeline opportunities. The proposed combination highlights continued industry interest in developing targeted approaches for diseases where fibrosis remains a major therapeutic challenge
Source: Skye Bioscience press relese
