Hedge Fund Acquires Significant Stake in Promising Hair Loss Treatment Post-IPO

Between February 4 and 6, Suvretta Capital Management and its affiliate Averill Fund acquired approximately 310,000 shares of Veradermics, Inc. (NASDAQ: MANE) in the open market, paying between $34.25 and $39.80 per share for a total outlay of $11–12 million (about KRW 15 billion). As a result, their combined indirect holdings have increased to roughly 4 million shares, now valued at approximately $150 million (around KRW 200 billion) at current prices.

Veradermics went public on the New York Stock Exchange on February 4. After its stock more than doubled on day one compared to the $17 offering price, the company closed its IPO on February 6—including full exercise of the overallotment option—issuing roughly 17.33 million shares and raising about $294.8 million (approximately KRW 400 billion). The company recently announced completion of patient enrollment in the second pivotal Phase III trial of its male-pattern hair loss candidate VDPHL01, marking a key step toward commercialization.

Founded in 2019 and based in New Haven, Connecticut, Veradermics is a late-stage clinical biopharmaceutical company whose lead pipeline asset is VDPHL01, an oral, non-hormonal treatment for male and female pattern hair loss. Under CEO Reed Waldman—himself a dermatologist—the management team is expanding its portfolio of aesthetic and dermatology therapies, targeting high-unmet-need indications such as hair loss, warts, and atopic dermatitis.