Vera Secures Up To $500 Mln Credit Facility

(RTTNews) - Vera Therapeutics, Inc. (VERA) Tuesday said that it has entered into up to $500 million credit facility with its existing partner Oxford Finance LLC, replacing the current $50 million credit facility.

The initial financing of $75 million is expected to close on June 4, 2025.

The new credit facility cuts borrowing cost by 320 basis points based on current interest rates.

The additional $450 million discretionary incremental capacity is available in five tranches. From January 1, 2026 to December 31, 2026, Vera can draw up to $50 million at its discretion, which is not subject to additional performance milestones.

As per the terms of the new term loan facility, Vera can draw $75 million upon accelerated approval of atacicept in immunoglobulin A nephropathy (IgAN); two $50 million tranches following accelerated approval, subject to commercial milestones; and up to $200 million at the mutual discretion of Vera and Oxford.

The company plans to submit Biologics License Application (BLA) for atacicept in the fourth quarter of this year, with commercial launch expected in 2026.

"The refinancing significantly reduces interest expense and improves financial flexibility and access to capital as compared to the existing credit facility, with the new credit facility having more borrower-favorable terms overall than those under the existing credit facility. The refinancing enhances Vera's ability to generate cash and manage its capital structure efficiently while providing additional working capital flexibility to support commercial launch and strategic initiatives," Vera said in a statement.