Veradermics, a Phase 3-ready biotech developing therapies for hair loss, raised $256 million by offering 15.1 million shares at $17, above the range of $14 to $16. The company had originally planned to offer 13.4 million shares. At pricing, Veradermics commands a fully diluted market value of $606 million, 20% higher than previously anticipated.
Cornerstone investor Wellington Management had indicated on $30 million of the IPO, and Eli Lilly indicated on 4.9% of shares sold; anchor investors took down 16.6% of the deal in total.
Veradermics Therapeutics is a dermatologist-founded, late clinical-stage biopharmaceutical company focused on developing an oral, non-hormonal extended-release formulation of minoxidil (VDPHL01) to address male and female pattern hair loss affecting approximately 50 million men and 30 million women in the United States. The company has fully enrolled a 519-patient Phase 2-3 trial in male patients and has initiated two additional registration-directed, randomized, double-blind, placebo-controlled Phase 3 trials targeting 498 male patients and 552 female patients to support a 505(b)(2) NDA.
The New Haven, CT-based company was founded in 2019 and plans to list on the NYSE under the symbol MANE. Jefferies, Leerink Partners, Citi, and Cantor Fitzgerald acted as joint bookrunners on the deal.
