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

Rhea-AI Summary

Vera Therapeutics has successfully closed a public offering of 5,742,026 shares of Class A common stock at $15.00 per share, raising approximately $86.1 million in gross proceeds. This includes the full exercise of the underwriters’ option for an additional 748,959 shares. The offering was managed by J.P. Morgan, Cowen, and Evercore ISI. Registration statements for the securities became effective on February 9 and 10, 2022, and all shares offered were sold by Vera.

Positive

• Gross proceeds of approximately $86.1 million will support further development.
• Successful completion of the public offering indicates investor confidence.

Negative

• Shareholder dilution risk due to the increase in share count from the offering.

BRISBANE, Calif., Feb. 14, 2022 (GLOBE NEWSWIRE) -- Vera Therapeutics, Inc. (“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 public offering of 5,742,026 shares of its Class A common stock at a price to the public of $15.00 per share, which includes the full exercise of the underwriters’ option to purchase up to 748,959 additional shares. The gross proceeds to Vera from the offering, before deducting the underwriting discounts and commissions and estimated offering expenses, are approximately $86.1 million. All of the shares were sold by Vera.

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

Registration statements relating to these securities have been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on February 9, 2022 and February 10, 2022. Copies of these registration statements can be accessed through the SEC’s website at www.sec.gov. This offering was made only by means of a written prospectus. Copies of the final prospectus relating to the proposed public offering can 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, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com; 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 Therapeutics 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.

Contacts
Investor Contact:
IR@veratx.com

Media Contact:
Kathy Vincent
Greig Communications, Inc.
kathy@greigcommunications.com

FAQ

What is the purpose of the public offering by Vera Therapeutics?

The public offering aims to raise funds for the development of transformative treatments for serious immunological diseases.

When was the public offering of Vera Therapeutics closed?

The public offering was closed on February 14, 2022.

How much money did Vera Therapeutics raise through the recent stock offering?

Vera Therapeutics raised approximately $86.1 million in gross proceeds from the offering.

Who managed the public offering for Vera Therapeutics?

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

What is the stock symbol for Vera Therapeutics?

The stock symbol for Vera Therapeutics is VERA.