Clinical-stage biopharmaceutical company Akero Therapeutics announced an underwritten public offering of 5.2 million common shares at a price of USD 42.00 per share, with expected gross proceeds to the company of USD 200 million. This brings the total funds raised to USD 584.2 million. 

The financing was led by new investor General Atlantic, with participation from existing investors like Adage Capital Partners LP and Janus Henderson Investors. The offering window is expected to close on May 19, 2023.

The funds will be used for the clinical development of efruxifermin, manufacturing to support future clinical trials, potential in-licensing for pipeline diversification, and working capital and general corporate purposes.

Akero Therapeutics is focused on developing treatments for serious metabolic diseases, particularly non-alcoholic steatohepatitis (NASH). NASH is a chronic liver disease that is characterized by the buildup of fat in the liver, inflammation, and damage to liver cells. Its lead product candidate, efruxifermin (EFX), is a once-weekly injection dosing of the Fc-FGF21 fusion protein. Akero Therapeutics is currently conducting Phase IIb clinical trials for EFX in patients with pre-cirrhotic NASH and cirrhotic NASH.