Beren Therapeutics P.B.C. secured $300 million in financing to support commercial preparations for adrabetadex, a potential treatment for infantile-onset Niemann-Pick disease, type C (I-NPC).

The financing includes $135 million in equity funding from investors including Wellington Partners, JIC Venture Growth Investments, Founders Fund, Narya Capital, and Eisai Co., Ltd. An additional $165 million in non-dilutive capital comes from Hercules Capital, Inc. (NYSE: HTGC), structured as a $110 million senior secured debt facility and $55 million in royalty financing.

The U.S. Food and Drug Administration accepted Beren's New Drug Application for adrabetadex under Priority Review, with a Prescription Drug User Fee Act target action date of November 17, 2026. The company plans to use proceeds for commercial readiness activities and patient support programs ahead of the potential approval.

I-NPC is a rare, fatal pediatric neurodegenerative disease affecting intracellular cholesterol trafficking. The condition typically results in death at mean ages of 5.6 years for early infantile-onset cases and 13.4 years for late-infantile onset cases. If approved, adrabetadex would be the first therapy designed to directly address accumulated intracellular cholesterol that drives the disease.

The Hercules Capital facility includes up to $110 million in term loans based on regulatory and revenue milestones, with $30 million currently drawn. The $55 million royalty financing would be funded upon FDA approval, carrying a 7.5% royalty on U.S. net sales and 5% on international sales, capped at 1.75x through 2031.

Adrabetadex received Breakthrough Therapy Designation from the FDA. The therapy has been associated with hearing impairment that can be managed with hearing aids and post-dose fatigue or ataxia in clinical trials.

Morgan Stanley & Co. LLC served as sole structuring agent for the transactions.