May 14 Quick Takes: With PNH approval, Apellis’ development partner due for payouts; plus Vera, Kinnate, Nephraegis, Shifa, Grove and more

Now that FDA has approved Empaveli pegcetacoplan from Apellis Pharmaceuticals Inc. (NASDAQ:APLS) to treat paroxysmal nocturnal hemoglobinuria, the risk-sharing entity that funded Empaveli’s late-stage development is eligible to receive its return. SFJ Pharmaceuticals Inc., backed by Blackstone and Abingworth, will receive $5 million initially, and may receive up to $226 million in milestones. SFJ would receive further payments if the C3 inhibitor gains approval in the EU, where Swedish Orphan Biovitrum AB (SSE:SOBI) holds its rights. A decision is expected in 2H21. A boxed warning on the drug’s label indicates the therapy “may increase the risk of meningococcal and other serious infections caused by encapsulated bacteria that may become rapidly life-threatening or fatal if not recognized and treated early.”

In the latest sign that investors’ appetite for biotech IPOs may be weakening, Vera Therapeutics Inc. (NASDAQ:VERA) was unable to attain a valuation within its proposed range. The immunology company priced 4.4 million shares at $11, well short of the expected $14-$16, to raise $47.9 million at a postmoney valuation of $225.3 million. Had it priced at the $15 midpoint, it would have been valued at $307.2 million. The company did post a modest gain during the session, climbing $0.50 after trading as high as $13.15...