Vera Therapeutics Announces Closing of Upsized Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares in Public Offering of Class A Common Stock

Rhea-AI Summary

On February 6, 2023, Vera Therapeutics (NasdaqGM: VERA) announced the successful closing of its underwritten public offering of 16,428,572 shares of Class A common stock at a price of $7.00 per share. This transaction, which includes the full exercise of the underwriters' option to purchase an additional 2,142,857 shares, is expected to generate gross proceeds of approximately $115 million before expenses. J.P. Morgan, Cowen, and Evercore ISI led the offering, which was conducted under an effective shelf registration statement. Vera focuses on transformative treatments for serious immunological diseases, including its lead product candidate, atacicept.

Positive

• Gross proceeds of approximately $115 million to fund research and development.
• Underwriters fully exercised their option to purchase additional shares, indicating strong demand.
• Vera's focus on serious immunological diseases with potential for substantial market impact.

Negative

• Potential dilution of existing shareholders due to the large stock offering.
• Market reactions may negatively impact stock price post-offering.

BRISBANE, Calif., Feb. 06, 2023 (GLOBE NEWSWIRE) -- Vera Therapeutics, Inc. (NasdaqGM: VERA; “Vera”), a late-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases, today announced the closing of its previously announced underwritten public offering of 16,428,572 shares of its Class A common stock, including the exercise in full by the underwriters of their option to purchase an additional 2,142,857 shares, at a price to the public of $7.00 per share. The gross proceeds to Vera from the offering, before deducting underwriting discounts and commissions and offering expenses, are approximately $115.0 million.

J.P. Morgan, Cowen and Evercore ISI acted as joint book-running managers for the offering. LifeSci Capital acted as lead manager for the offering.

The offering was made pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed with the Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on June 13, 2022. A preliminary prospectus supplement and accompanying prospectus relating to the proposed offering were filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by email at Prospectus_ECM@cowen.com or by telephone at (833) 297-2926; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, or by telephone at 888-474-0200, or by email at ecm.prospectus@evercore.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Vera

Vera is a late-stage biotechnology company focused on developing treatments for serious immunological diseases. Vera’s mission is to advance treatments that target the source of immunologic diseases in order to change the standard of care for patients. Vera’s lead product candidate is atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that blocks both B lymphocyte stimulator (BLyS) and a proliferation inducing ligand (APRIL), which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases, including IgA nephropathy (IgAN), also known as Berger’s disease, and lupus nephritis. In addition, Vera is evaluating additional diseases where the reduction of autoantibodies by atacicept may prove medically useful. Vera is also developing MAU868, a monoclonal antibody designed to neutralize infection with BK Virus, a polyomavirus that can have devastating consequences in certain settings such as kidney transplant. Vera retains all global developmental and commercial rights to atacicept and MAU868.

Contacts
Investor Contact:
IR@veratx.com

Media Contact:
Uncapped Communications
uncappedverateam@uncappedcommunications.com

FAQ

What are the details of Vera Therapeutics' public offering?

Vera Therapeutics closed a public offering of 16,428,572 shares at $7.00 per share, generating about $115 million.

When did Vera Therapeutics announce their public offering?

The announcement was made on February 6, 2023.

How will Vera Therapeutics use the proceeds from the offering?

The proceeds are expected to support research and development for their treatments for serious immunological diseases.

Who were the underwriters for Vera Therapeutics' public offering?

The offering was underwritten by J.P. Morgan, Cowen, and Evercore ISI.

What impact does the public offering have on Vera Therapeutics' shareholders?

Existing shareholders may face dilution due to the increase in shares outstanding.