When Vera Therapeutics in-licensed atacicept from Merck KGaA about six years ago, patients with IgA nephropathy (IgAN) had no FDA-approved treatment options. | When Vera Therapeutics in-licensed atacicept from Merck KGaA about six years ago, patients with IgA nephropathy (IgAN) had no FDA-approved treatment options. Today, the dual-target drug has crossed the regulatory finish line but is entering a vastly different landscape as the sixth drug approved for the rare kidney disease.

Vera Therapeutics awaits the FDA's July 7 decision on atacicept for IgA nephropathy as investors weigh trial data and competition from Novartis.

The FDA granted accelerated approval to atacicept-vymj for proteinuria reduction in adults with primary immunoglobulin A nephropathy at risk for disease progression, according to…