Vera Therapeutics, a Phase 2b biotech developing fusion proteins for immunological diseases, announced terms for its IPO on Monday.
The South San Francisco, CA-based company plans to raise $65 million by offering 4.4 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Vera Therapeutics would command a fully diluted market value of $335 million.
Vera's lead candidate is atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that blocks both B lymphocyte stimulator and a proliferation-inducing ligand, which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases. The company plans to initiate a Phase 2b trial of atacicept in patients with immunoglobulin A nephropathy, a serious and progressive autoimmune disease of the kidney, in the 2Q21, with topline results expected in the 4Q22.
Vera Therapeutics was founded in 2016 and plans to list on the Nasdaq under the symbol VERA. Jefferies, Cowen and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of May 10, 2021.
