Gene Therapy Player Vera Therapeutics Prices IPO Well Below Range At $11/Share

Vera Therapeutics Inc has priced its 4.35 million share IPO at $11 per share, well below its targeted range of $14 to $16, raising $47.58 million in gross proceeds. The biotech will start trading on NASDAQ from Monday under the ticker “VERA.”
Vera’s lead candidate atacicept is a fusion protein to treat IgA nephropathy that recently went through Phase 2a trials.
IgAN, also known as Berger’s disease, can lead to inflammatory tissue damage and kidney failure.
In its initial S-1 filing seeking as much as $86.25 million, Vera said it would use between $30 million and $35 million to complete its Phase 2b trials, and another $15 million to $20 million to initiate a Phase 2b or Phase 3 trial for patients with lupus nephritis.
The company said the proceeds would be able to fund operations for the next 18 months.
In 2009, the drug was licensed to Merck KGaA MKGAF, but most of the trials came up short to treat multiple sclerosis, lupus, and rheumatoid arthritis.
Last November, shortly after the German pharma announced the successful Phase IIa data for patients with IgAN, Vera licensed the drug for a 10% equity stake and about $733 million in milestones.