MAY 11·TipRanks▲
Viridian Therapeutics Raises $359 Million in Offerings
Viridian Therapeutics has successfully raised approximately $359 million through a combination of convertible senior notes and an equity offering. The company issued $250 million in 1.75% Convertible Senior Notes due 2032 and raised roughly $117 million from an offering of 7.35 million common shares at $17.00 each. This capital will be used to repay debt, fund market expansion studies for its thyroid eye disease franchise, and advance its earlier-stage R&D pipeline.
APR 6·Benzinga▼
Why Is Viridian Therapeutics Stock Sinking Monday?
Viridian Therapeutics (NASDAQ: VRDN) stock declined sharply following positive Phase 3 data from Amgen (NASDAQ: AMGN) for TEPEZZA in thyroid eye disease (TED), intensifying competitive pressure. Viridian's own REVEAL-1 trial for elegrobart met its primary endpoint but showed weaker efficacy compared to peers, leading to investor concerns about commercial viability. Despite this, Viridian plans to submit a Biologics License Application (BLA) for elegrobart in Q1 2027 and believes its pipeline candidates veligrotug and elegrobart have significant potential in the TED market.
