Viridian Therapeutics Inc. (NASDAQ: VRDN) announced it has commenced underwritten public offerings totaling $250 million, consisting of $150 million in convertible senior notes due 2032 and $100 million in common stock and preferred stock.

The biotechnology company said the offerings are not contingent upon each other, meaning one could close without the other. Underwriters have 30-day options to purchase additional 15% of securities in both offerings to cover over-allotments.

The convertible notes will be unsecured senior obligations with semi-annual interest payments, maturing May 15, 2032. Upon conversion, Viridian may pay cash, common stock, or a combination at its discretion. Interest rates and conversion terms remain to be determined.

The equity offering includes common stock and Series B non-voting convertible preferred stock for certain investors. Each preferred share converts into 66.67 common shares at the holder's election, subject to ownership limits.

Viridian plans to use proceeds to repay outstanding debt with Hercules Capital Inc., fund market expansion studies for its thyroid eye disease franchise, advance early-stage pipeline research, and support general corporate purposes.

Jefferies, Leerink Partners, and Goldman Sachs serve as joint book-running managers for both offerings. LifeSci Capital acts as lead manager for the convertible notes, while LifeSci Capital and Wedbush PacGrow manage the equity offering.

The company filed a registration statement with the Securities and Exchange Commission that became effective September 5, 2025. A preliminary prospectus supplement will be filed describing the terms of both offerings.

Viridian develops medicines for autoimmune and rare diseases, with late-stage candidates targeting thyroid eye disease and programs for FcRn inhibitors in multiple autoimmune conditions.