Skye Bioscience Acquires Redx Pharma, Exits Obesity to Focus on Fibrosis

What happened

On August 14, 2026, Skye Bioscience signed a transaction agreement to acquire Redx Pharma Limited and raise about $125 million in financing. The combined entity will rebrand as Fibrx Therapeutics and list on Nasdaq. Skye is abandoning its obesity program centered on nimacimab and adopting Redx's fibrosis and oncology pipeline, including RXC008, a GI-restricted pan-ROCK inhibitor for fibrostenotic Crohn's disease, which has completed Phase 1 and is preparing to dose its first Phase 2 patient in 2026.

Why it matters

The deal is a complete redirection of therapeutic identity, not an expansion. Nimacimab was mid-stream in Phase 2a obesity data generation, while Redx's lead asset is at the Phase 1-to-2 transition, so Fibrx Therapeutics will spend much of the $125 million just reaching inflection points Skye had already partly cleared. The pivot trades a nearer-term obesity readout for an earlier-stage fibrosis bet, presumably because the board judged the obesity market too constrained by GLP-1 dominance. The key near-term marker is whether RXC008's Phase 2 first patient dosing arrives on Redx's projected timeline; any slip would test whether the financing was sized correctly.