WALTHAM, Mass. – Viridian Therapeutics, Inc. (Nasdaq: VRDN), a biotechnology company focused on developing potential best-in-class treatments for serious and rare diseases, announced that it has entered into a royalty financing agreement with DRI Healthcare Acquisitions LP (DRI) valued at up to $300 million. The company also reported accelerated timelines for the Biologics License Application (BLA) submission of veligrotug and the topline data readouts from its Phase 3 REVEAL clinical trials of VRDN-003 for thyroid eye disease (TED).
“We are excited to partner with DRI after a highly competitive royalty process. As we accelerate toward our anticipated commercial launches in TED, this significant non-dilutive capital puts us in an even stronger position,” said Steve Mahoney, President and Chief Executive Officer of Viridian. “The Viridian team has consistently demonstrated its ability to execute, and this financing will help us maximize the commercial potential of veligrotug and VRDN-003.”
Under the terms of the agreement, Viridian will receive $55 million upfront and is eligible for up to $115 million in near-term milestone payments based on positive topline data from the REVEAL-1 and REVEAL-2 trials and U.S. marketing approval of veligrotug. In return, DRI will receive tiered royalties on annual U.S. net sales of veligrotug and VRDN-003, ranging from 7.5 percent up to $600 million in sales to 0.25 percent for sales up to $2 billion, with no royalties owed above that threshold.
Proceeds from the transaction, combined with Viridian’s existing cash reserves, are expected to fully fund the commercial launches of both veligrotug and VRDN-003. Goldman Sachs & Co. LLC served as exclusive financial advisor to Viridian.
In a related move, Viridian announced an amended credit facility with Hercules Capital, Inc., providing up to $300 million in capital. The new facility extends the company’s interest-free payment period, includes a required $50 million drawdown at closing that nets $30 million in immediate proceeds after repayment of the prior facility, and provides additional access to funds based on milestone achievements.
Viridian expects to submit the veligrotug BLA to the U.S. Food and Drug Administration imminently. The company also updated guidance for its ongoing Phase 3 REVEAL trials of VRDN-003, a subcutaneous, half-life-extended, self-administered therapy for TED. Topline data from REVEAL-1, in active TED patients, are now expected in the first quarter of 2026, with data from REVEAL-2, in chronic TED patients, anticipated in the second quarter of 2026.
