Vera Therapeutics Announces Pricing of Upsized Public Offering of Class A Common Stock

Rhea-AI Summary

Vera Therapeutics, Inc. (Nasdaq: VERA) announced a public offering of 4,993,067 shares of Class A common stock priced at $15.00 per share, aiming to raise approximately $74.9 million before expenses. All shares are offered by the company, with an additional option for underwriters to purchase 748,959 shares within 30 days. The offering is set to close on February 14, 2022, pending customary conditions. J.P. Morgan, Cowen, and Evercore ISI are acting as the joint book-running managers. The securities registration was approved by the SEC on February 9 and 10, 2022.

Positive

• Expected proceeds of $74.9 million could support Vera's development initiatives.
• Public offering strengthens the company's capital position for growth.

Negative

• The offering may lead to dilution of existing shareholders' equity.
• Market perception could be cautious due to the public offering at a lower price point.

BRISBANE, Calif., Feb. 10, 2022 (GLOBE NEWSWIRE) -- Vera Therapeutics, Inc. (“Vera”) (Nasdaq: VERA), a late-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases, today announced the pricing of its public offering of 4,993,067 shares of its Class A common stock at a price to the public of $15.00 per share. The gross proceeds to Vera from the offering, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be $74.9 million. All of the shares are being offered by Vera.

In addition, Vera has granted the underwriters a 30-day option to purchase up to an additional 748,959 shares of its Class A common stock at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on February 14, 2022, subject to satisfaction of customary closing conditions.

J.P. Morgan, Cowen, and Evercore ISI are acting 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 is being made only by means of a written prospectus. Copies of the final prospectus relating to the proposed public offering can be obtained, when available, 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 public offering price per share for Vera Therapeutics?

The public offering price per share for Vera Therapeutics is $15.00.

How many shares is Vera Therapeutics offering?

Vera Therapeutics is offering 4,993,067 shares of its Class A common stock.

What are the expected proceeds from the public offering by VERA?

The expected gross proceeds from the public offering are approximately $74.9 million.

When will the offering for Vera Therapeutics close?

The offering is expected to close on February 14, 2022, subject to customary closing conditions.

Who are the underwriters for Vera Therapeutics' public offering?

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