Beren Therapeutics announced a combined $300 million financing package to support the potential commercial launch of adrabetadex and expand long-term patient access and family support initiatives for infantile-onset Niemann-Pick disease type C (I-NPC).
The financing includes a $135 million equity round and up to $165 million in non-dilutive funding from Hercules Capital. Participants in the equity financing included Wellington Partners, JIC Venture Growth Investments (JIC VGI), Founders Fund, Narya Capital, Eisai and other institutional investors.
The company said the proceeds will fund commercial readiness efforts ahead of the U.S. Food and Drug Administration’s November 17, 2026 Prescription Drug User Fee Act target action date for adrabetadex. Investments will also support patient access infrastructure and programs designed to help families navigate diagnosis, treatment decisions, specialist care and reimbursement challenges.
Concurrent with the equity financing, Beren entered into a $165 million financing agreement with Hercules Capital consisting of up to $110 million in senior secured term loans and a $55 million royalty financing arrangement that would become available following potential FDA approval of adrabetadex.
Adrabetadex is being developed for infantile-onset Niemann-Pick disease type C, a rare and fatal pediatric neurodegenerative disorder caused by impaired intracellular cholesterol trafficking. If approved, the therapy would represent the first disease-modifying treatment for I-NPC and the first therapy designed to directly address the intracellular cholesterol accumulation that drives the disease.
The FDA accepted Beren’s New Drug Application for adrabetadex under Priority Review in February 2026 and assigned a PDUFA target action date of November 17, 2026.
Beren plans to use proceeds from the financing to accelerate diagnosis initiatives, provide dedicated support resources for families, expand access to treatment sites, generate long-term real-world evidence and strengthen peer-to-peer community connectivity.
Morgan Stanley served as sole structuring agent for the transactions. Wilson Sonsini Goodrich & Rosati acted as legal advisor to Beren, while Latham & Watkins advised Hercules Capital.
Founded in Thousand Oaks, California, Beren Therapeutics focuses on cyclodextrin-based therapies targeting diseases associated with defective cholesterol trafficking. The company and its subsidiary Mandos have supported the Niemann-Pick disease community since 2021 through an expanded access program.
KEY QUOTES:
“I-NPC reshapes family life. Families have consistently told us that their burden extends far beyond the availability of therapies, and that there remains a substantial unmet need for long-term support as families navigate diagnosis, treatment decisions, specialist care, reimbursement, and changing needs over a multi-decade journey with this disease. Our vision is not only to develop new treatment options, but also to help address the broader challenges families face throughout their journey. We are pleased to be joined by a world-class group of investors who share that vision and our conviction in what may now be possible for this community.”
Jason Camm, Founder and Chief Executive Officer, Beren Therapeutics
“Infantile-onset NPC is a disease that takes children from their families faster than almost any parent can comprehend. For decades, families in our community have lived with the day-to-day complexity of caring for a child with a progressive neurodegenerative disease, coordinating across specialists, navigating insurance, and managing care that touches every part of family life. Continued commitment from companies and investors to advance new therapies and to build the support systems families actually need is what gives our community reason to believe the path forward keeps getting better.”
Garland Alvey, Executive Director and Founder, AbbyStrong Fights NPC; Board Member, National Niemann-Pick Disease Foundation; Trustee, International Niemann-Pick Disease Registry
“Hercules is proud to partner with Beren as they prepare for the potential launch of adrabetadex for children with infantile-onset NPC. Jason and the Beren team have built a company with deep conviction in the science and a clear-eyed plan to ensure this therapy reaches all families who need it. We are pleased to provide the capital to support that work, and Beren’s continued evolution over the coming years.”
Cristy Barnes, Managing Director, Hercules Capital
