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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pfizer Inc | NYSE:PFE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.16 | 0.58% | 27.86 | 27.905 | 27.52 | 27.86 | 60,567,753 | 00:59:06 |
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)
Copyright (c) 2022 Dow Jones & Company, Inc.
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