AKRO - Pfizer makes $25M equity investment in Akero

Clinical-stage biotech Akero Therapeutics (NASDAQ:AKRO) announced on Thursday that Pfizer (PFE) is set to make $25M equity investment in the company following an agreement to purchase ~2.5M of its shares at $9.90 apiece. The offering is set to close on or around June 17 and following the transaction Pfizer (PFE) will own ~6.7% of Akero’s (AKRO) outstanding common stock with membership of the company’s Scientific Advisory Board. In addition, business development company, Hercules Capital (HTGC) has agreed to provide Akero (AKRO) with a term loan facility worth up to $100M, out of which $10M will be drawn at the close of the transaction. If the term loan is fully drawn, the proceeds from the two transactions will extend the cash runway of the company by a full year to 3Q 2024 from 3Q 2023, the company added. That will be two years beyond the upcoming data readout of the Phase

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Pfizer makes $25M equity investment in Akero