Fibrx Emerges: A UK Biotech's Audacious Plan to Conquer Fibrosis

ALDERLEY PARK, UK & SAN DIEGO, CA – August 14, 2026 – In a decisive move that reshapes the landscape for fibrotic disease treatment, U.S.-based Skye Bioscience announced today it will acquire the U.K.’s Redx Pharma, forging a new, laser-focused entity named Fibrx Therapeutics. The combined company, backed by a formidable $125 million financing round, will debut on the Nasdaq, bringing a promising British pipeline to the world’s largest capital market with a clear mission: to tackle one of medicine’s most stubborn challenges.

The transaction is more than a simple merger; it's a strategic reinvention. Skye, recently adrift after discontinuing its lead obesity drug, is providing its public listing and remaining capital as a vessel for Redx’s highly regarded fibrosis portfolio and experienced leadership. The resulting company, Fibrx, will be headquartered in the U.K. and run by the Redx management team, effectively executing a reverse merger that gives a promising private biotech the resources and platform for a global stage.

Targeting the Untreatable in Crohn's Disease

At the heart of this new venture is RXC008, a drug candidate that addresses a profound unmet need for patients with fibrostenotic Crohn’s disease. This severe complication of Crohn's involves chronic inflammation that leads to scarring and narrowing of the intestines. For many, the only recourse is invasive surgery to remove or widen the constricted bowel sections, a cycle that often repeats throughout a patient's life. Currently, no approved therapies exist to halt or reverse this underlying fibrotic process.

Fibrx aims to change that. RXC008 is a first-in-class, orally administered pan-ROCK inhibitor designed to work directly within the gastrointestinal tract. By inhibiting the ROCK pathway, a key signaling cascade involved in the formation of fibrotic tissue, the drug has shown potential in preclinical studies to not just slow, but even reverse fibrosis. With an open Investigational New Drug (IND) application and a Fast Track designation from the FDA, the path is cleared for a pivotal Phase 2 clinical study.

“This transaction gives Redx the capital and the platform to progress our pipeline and deliver the Phase 2 program for our lead asset, RXC008,” said Lisa Anson, Redx’s Chief Executive Officer, who will helm Fibrx. “We believe this is an exciting opportunity to be a leader in developing a therapeutic option for patients suffering with fibrostenotic Crohn’s disease, considered by many to be one of the largest unmet medical needs in IBD, by directly targeting fibrosis in stricturing disease for which there is currently no treatment option other than surgery.”

The Financial Architecture of Ambition

The deal's architecture is as sophisticated as its science, engineered to provide a long runway for success. The approximately $125 million in gross proceeds is not a single check but a multi-part financing involving a syndicate of top-tier healthcare investors, including Abingworth, 5AM Ventures, and NEXTBio Capital, alongside Redx’s existing major shareholder, Redmile. This infusion of capital is expected to fund Fibrx into 2029, carrying it well past the anticipated release of topline data from the RXC008 Phase 2 trial in late 2028.

This structure—combining a $68 million private placement (PIPE), a $36 million Series A financing for Redx, and a committed $22 million equity line—signals deep investor confidence. It’s a resounding endorsement of Redx’s management and its scientific approach. Upon closing, the new investors will hold nearly half the company, while existing Redx shareholders will retain about 46%, leaving Skye’s pre-transaction equity holders with a stake of approximately 5.4%. This distribution underscores the reality of the transaction: Redx is the operational core, and the deal is structured to fuel its engine.

Skye’s Calculated Pivot and a Lifeline for Shareholders

For Skye Bioscience, this merger represents a dramatic but necessary pivot. The company recently halted development of its lead asset, nimacimab, an antibody for weight loss. The decision came after a Phase 2 trial failed to meet its primary endpoint for monotherapy and a sober assessment of the hyper-competitive obesity market, now dominated by highly effective GLP-1 agonists. Faced with a challenging path forward, Skye’s board opted for a strategic alternative.

“Over the last several months, Skye has evaluated a wide range of options to maximize shareholder value,” explained Punit Dhillon, Skye’s CEO. “We believe this transaction provides our shareholders a compelling opportunity to realize both short- and long-term value creation through Redx’s novel anti-fibrotic therapies.”

To ensure its existing investors aren't left entirely behind, Skye has structured a Contingent Value Right (CVR). This will grant pre-transaction shareholders 90% of any net proceeds realized from the sale or licensing of the legacy nimacimab program within the next 12 months. While there's no guarantee of a payout, the CVR offers a potential share in any residual value from Skye’s past efforts, a thoughtful gesture in the often-brutal world of biotech turnarounds.

A Deeper Bench of Innovation

While RXC008 is the star, the new Fibrx is far from a single-asset company. The acquisition brings Redx’s entire platform under the new banner, revealing a deep bench of innovation. This includes zelasudil (RXC007), a next-generation selective ROCK2 inhibitor that has already completed a successful Phase 2 study in idiopathic pulmonary fibrosis (IPF), another devastating fibrotic lung disease. Having already secured orphan drug designation from the FDA, zelasudil is a strong candidate for future partnerships.

Further back in the pipeline is a preclinical discoidin domain receptor (DDR) inhibitor program targeting fibrosis in other organs, including the kidney and liver. This multi-pronged approach demonstrates a sustained expertise in small molecule drug design and a long-term vision for tackling fibrosis across multiple high-need indications. The leadership team, led by CEO Lisa Anson—a 20-year veteran of AstraZeneca—and fortified by a seasoned scientific and technical team, has a proven track record of advancing drugs from the lab to the clinic, adding a layer of human capital that is just as valuable as the financial.