NEW YORK, Feb 4, 2026, 07:08 (EST)
- Veradermics set its upsized IPO price at $17 a share, pulling in roughly $256.3 million before expenses
- A filing revealed Eli Lilly’s intent to acquire as much as 4.9% of post-IPO shares
- Veradermics is set to begin trading on the NYSE under the ticker “MANE” starting Feb. 4
Veradermics, the biopharma working on an oral hair-loss treatment, set its IPO price at $17 a share, above the initial range, pulling in roughly $256.3 million. The stock is slated to start trading Wednesday on the New York Stock Exchange under the ticker “MANE.” (Seekingalpha)
The deal may be modest by Wall Street measures, but it arrives amid a shaky period for biotech IPOs. Pricing above the expected range indicates investors were ready to take a chance on a hair-loss treatment — even though the company remains in late-stage trials.
The IPO lands amid what some observers call an unusually crowded week for new listings, even as a partial U.S. government shutdown disrupts the usual regulatory flow. “It’s definitely a tactic of last resort,” said Rich Segal, partner at law firm Cooley, about the seldom-used legal route some issuers turn to when the Securities and Exchange Commission is closed. (Medcitynews)
Veradermics sold 15,077,647 newly issued shares, with the offering expected to wrap up on Feb. 5. The company named Jefferies, Leerink Partners, Citigroup, and Cantor Fitzgerald as joint book-running managers. Underwriters have a 30-day option to buy roughly 2.26 million more shares. (Businesswire)
The New Haven, Connecticut-based company had offered 13.35 million shares priced between $14 and $16 each. Priced at the IPO level, Veradermics is valued at roughly $596 million, according to outstanding shares detailed in its filings, Bloomberg Law reported. (Bloomberglaw)
Eli Lilly has signaled it may buy up to 4.9% of the shares outstanding following the offering, according to a free writing prospectus. The filing stresses this interest isn’t binding, and the shares Lilly would acquire wouldn’t be bound by a lock-up agreement—the usual post-IPO restriction that prevents early investors from selling for several months. (Streetinsider)
TipRanks, referencing media coverage, highlighted Lilly’s intent to acquire roughly 4.9% of the shares outstanding related to the float. (Tipranks)
Wellington Management signaled it might buy as much as $30 million worth of shares at the offering price, according to the filing. When cornerstone investors hold these stakes for the long haul, it can shrink the public float.
Bloomberg had reported earlier that the order book was several times oversubscribed, warning investors to brace for tight allocations. (Investing)
Veradermics is working on VDPHL01, an extended-release oral form of minoxidil — the active ingredient in topical Rogaine. The extended-release design aims to deliver the drug gradually, a typical strategy to even out dosing.
The company said in its prospectus that it will use net proceeds, along with existing cash, to push VDPHL01 through a New Drug Application (NDA) and into initial U.S. commercialization if approved. It added the funds could support operations into the latter half of 2028 but acknowledged it will require significant additional capital. (Sec)
The hair-loss market is flooded with low-cost generics like Merck’s Propecia (finasteride) and OTC minoxidil, while telehealth platforms have made these treatments more accessible. Now, the real challenges aren’t in marketing but in proving efficacy, safety, and ensuring patients stick with the regimen.
Still, Lilly’s interest signals only potential, not a guarantee. Early demand can fade fast once trading begins. Veradermics also grapples with clinical and regulatory hurdles. Cardiovascular safety concerns linger around oral minoxidil — the immediate-release version for blood pressure comes with strong warnings. A misstep in late-stage results could swiftly alter the outlook.
