Business
Viridian Therapeutics Announces Royalty Financing with DRI Healthcare for up to $300 Million
- Viridian receives $55 million upfront and potential near-term milestones up to $115 million based on positive VRDN-003 topline data and U.S. veligrotug
About this update from Viridian Therapeutics, Inc.
[{"type":"text","content":"\n- Viridian receives $55 million upfront and potential near-term milestones up to $115 million based on positive VRDN-003 topline data and U.S. veligrotug marketing approval -\n\n\n- Upfront and anticipated near-term milestones together with existing cash expected to fully fund the commercial launches of both veligrotug and VRDN-003 -\n\n\n- Veligrotug Biologics License Application (BLA) submission expected imminently; VRDN-003 phase 3 clinical trial topline data readouts now expected Q1 2026 for REVEAL-1 and Q2 2026 for REVEAL-2 -\n\n\n- Amended credit facility with Hercules Capital, Inc., providing additional access to capital at the company’s discretion based on milestone achievements -\n\n\n WALTHAM, Mass.--(BUSINESS WIRE)--\nViridian Therapeutics, Inc. (NASDAQ: VRDN), a biotechnology company focused on discovering, developing and commercializing potentially best-in-class medicines for serious and rare diseases, today announced it entered into a royalty financing agreement with DRI Healthcare Acquisitions LP (DRI) and accelerated its timelines for the submission of the veligrotug BLA and the topline clinical data readouts of its VRDN-003 REVEAL trials in patients with thyroid eye disease (TED).\n\n\n“We are excited to partner with DRI after a highly competitive royalty process. As we accelerate towards our anticipated commercial launches in TED, this significant non-dilutive capital puts us in an even stronger position,” said Steve Mahoney, Viridian’s President and Chief Executive Officer. “The Viridian team has consistently demonstrated its ability to execute, and this financing will help our plans to maximize the commercial opportunity of veligrotug and VRDN-003.”\n\n\nRoyalty Agreement\n\n\n\nDRI Royalty Financing: Viridian will receive up to $300 million, subject to the terms and conditions of the agreement, including:\n\n\n$55 million upfront payment upon execution of the agreement;\n\n\n\n$115 million in potential near-term milestones linked to the achievement of positive topline data in REVEAL-1 and REVEAL-2, phase 3 pivotal studies for VRDN-003, and U.S. veligrotug marketing approval;\n\n\n\nViridian will pay DRI tiered royalties of 7.5% of annual U.S. net sales up to and including $600 million, 0.8% of annual U.S. net sales above $600 million and up to and including $900 million, 0.25% of annual U.S. net sales abov...