JWCA advises Viridian Therapeutics on its debut and upsized $250 million convertible issuance with concurrent upsized $125 million equity issuance

May 2026 | read press release

Transaction Background

Viridian Therapeutics (“VRDN”) successfully executed an upsized $375 million financing in a dual-tranche offering, raising $250 million in the convertible market at attractive terms of 1.75% up 45.0% and $125 million in the equity market

Viridian’s objectives included:

  • Opportunistically add cash to the balance sheet following positive topline results from elegrobart Phase 3 REVEAL-2 clinical trial for patients with chronic thyroid eye disease

  • Raise low-cost capital for growth and to refinance secured high-floating-rate debt

  • Manage overall potential equity dilution

Viridian engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation, and execution of the transaction

JWCA provided extensive analysis on deal structuring and related items, including:

  • Convertible structuring and decision-making

  • Syndicate structure and precedent data

  • Accounting and tax analysis / implications

  • Convertible documentation to ensure maximum value and future efficiency/flexibility for the company

  • Shareholder messaging and investor composition on the day of marketing

JWCA provided advice, support, and analysis throughout the execution process

Results

Viridian was well received by investors during a backdrop of broad market volatility:

  • The convertible orderbook was over 6x oversubscribed and generated outsized interest from long-only investors, driving +50% upsize and pricing outside the marketed range

  • The 1.75% coupon priced at the company-friendly end and the 45.0% conversion premium priced higher than the company-friendly end of the marketed range. The 45.0% conversion premium matches the highest achieved by biotech convertible issuers since February 2021

Viridian was also able to issue $125 million in the equity market concurrently at a 9.3% FTO discount, after the stock was up +33.4% the day before, with strong institutional investor support for the company post-data

JWCA supported the management team throughout the entirety of the offering providing execution advice and ensuring a high-quality execution