Shares of Vera Therapeutics Inc. plummeted over 9% on Monday after the late-stage biotech company announced pricing for a $300 million public offering of its Class A common stock.
Vera said it plans to sell 7.1 million shares at $42 apiece, with underwriters having a 30-day option to purchase an additional 1.1 million shares. The offering is expected to close on October 31st.
The sizable equity raise will dilute existing shareholders but provides Vera with cash to fund ongoing development of its pipeline candidates, including atacicept for autoimmune diseases like IgA nephropathy and lupus nephritis, as well as MAU868 for preventing BK virus infection after kidney transplants.
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