Vera Therapeutics slips after unveiling $300 mln stock offering

Vera Therapeutics

28/10/2024 22:10

(Updates)
    ** Vera Therapeutics'  VERA.O  shares fall 2.8% to $46.04
after the bell
        ** VERA 
    unveils
     plans to sell $300 mln worth of shares in a proposed public
offering 
  
        ** J.P. Morgan, Goldman Sachs, Evercore ISI and Cantor
are the joint book-running managers for the proposed offering
  
        ** VERA stock closed up 15.2% at $47.34 on Monday
  
        ** Co has 54.8 mln outstanding shares giving it a market
capitalization of $2.60 bln - LSEG data
  
    ** On Saturday, Vera reported additional data from a
mid-stage study testing its kidney disease drug, atacicept, as a
potential treatment for IgA nephropathy
    ** IgA nephropathy causes a protein called immunoglobulin A
to build up in the kidney
    ** At week 96, atacicept helped in reducing excess levels of
a protein in urine and stabilizing kidney function levels,
compared to placebo - VERA
    ** VERA said it will submit results from late-stage study of
atacicept in Q2 2025
    ** As of last close, VERA stock has more than tripled YTD

 (Reporting by Christy Santhosh and Arasu Kannagi Basil in
Bengaluru)
 ((Christy.Santhosh@thomsonreuters.com))