Akero Gets Investment From Pfizer as Part of Efruxifermin Funding
16 Juni 2022 - 2:02PM
Dow Jones News
By Colin Kellaher
Akero Therapeutics Inc. on Thursday said it has secured up to
$125 million in funding for the continued development of
efruxifermin, its lead product candidate, including a $25 million
equity investment from drug giant Pfizer Inc.
Akero, a South San Francisco, Calif., clinical-stage
biotechnology company, said the funding also includes a term loan
facility of up to $100 million from Hercules Capital Inc., of which
it plans to draw $10 million at closing.
Akero, which is studying efruxifermin in nonalcoholic
steatohepatitis, a chronic liver condition commonly known as NASH,
said New York-based Pfizer has agreed to buy nearly 2.5 million
shares at $9.90 apiece, a roughly 16% premium to Wednesday's
closing price of $8.50. This would give Pfizer a stake of about
6.7%.
Akero said the funding, if it fully draws the term loan, would
extend its cash runway to the third quarter of 2024, a year beyond
its prior guidance.
Shares of Akero were recently up 6.6% to $9.32 in premarket
trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 16, 2022 07:47 ET (11:47 GMT)
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