Verve Therapeutics, a preclinical biotech developing single-course gene editing therapies for cardiovascular disease, raised $267 million by offering 14 million shares at $19, above the range of $16 to $18. The company offered 2.2 million more shares than anticipated. Insiders Wellington Management and Casdin Capital and new investor Fidelity had indicated on up to an aggregate of $75 million worth of shares in the offering. At pricing, the company commands a fully diluted market value of $954 million.
Verve is advancing a pipeline of single-course in vivo gene editing programs, each designed to mimic natural disease resistance mutations and turn off specific genes in order to lower blood lipids. Its initial programs are being developed for patients with familial hypercholesterolemia. Its lead candidate, VERVE-101, is designed to be a single-course gene editing treatment that permanently turns off the PCSK9 gene in the liver. The company has initiated IND-enabling studies for VERVE-101 and intends to submit an IND in 2022.
Verve Therapeutics plans to list on the Nasdaq under the symbol VERV. J.P. Morgan, Jefferies, Guggenheim Securities, and William Blair acted as lead managers on the deal.
