Viridian Therapeutics enters royalty financing agreement with DRI Healthcare

Viridian Therapeutics (VRDN) announced it entered into a royalty financing agreement with DRI Healthcare Acquisitions and accelerated its timelines for the submission of the veligrotug BLA and the topline clinical data readouts of its VRDN-003 REVEAL trials in patients with thyroid eye disease. Viridian will receive up to $300M, subject to the terms and conditions of the agreement, including $55M upfront payment upon execution of the agreement; $115M in potential near-term milestones linked to the achievement of positive topline data in REVEAL-1 and REVEAL-2, phase 3 pivotal studies for VRDN-003, and U.S. veligrotug marketing approval. Viridian will pay DRI tiered royalties of 7.5% of annual U.S. net sales up to and including $600M, 0.8% of annual U.S. net sales above $600M and up to and including $900M, 0.25% of annual U.S. net sales above $900M and up to $2B, and no royalty owed for annual U.S. net sales in excess of $2B. Proceeds are expected to fully fund the anticipated commercial launches of both veligrotug and VRDN-003. Veligrotug BLA submission accelerated; expect to submit to FDA imminently.