NASH drug developer Akero rallies on Pfizer investment

Hercules Capital

16/06/2022 20:44

** Akero Therapeutics Inc's  AKRO.O  shares surge on Thurs
on backing from drug giant Pfizer  PFE.N  as biotech works to
develop treatment for liver disorder nonalcoholic
steatohepatitis (NASH)
    ** AKRO jumps as much as 27.2% to $10.81. Shares last up
20.6% at $10.25, on track for biggest one-day pct gain since Jul
2020
    ** Pfizer to invest $25 mln for about 6.7% stake, buying 2.5
mln shares at $9.90, 16.5% above AKRO close on Weds  urn:newsml:reuters.com:*:nGNX5K9RL4
    ** Akero said Pfizer making investment through its
Breakthrough Growth Initiative
    ** Akero also said it inked $100 mln term loan facility with
Hercules Capital Inc  HTGC.N , adding that the new funding
sources stretch its previously announced cash guidance by a year
to Q3 2024
    ** AKRO top performer in Nasdaq Biotech index  .NBI , which
is down ~2.3% on the session amid broad Wall Street tumble
    ** With move on Thurs, AKRO down ~52% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))