Metsera (MTSR), the developer of a weight-loss shot, priced its IPO at $18.00 – $1.00 above the top of its $15.00-to-$17.00 price range – on Thursday night, Jan. 30, 2025. The New York biotech, however, trimmed the IPO’s size at pricing to 15.28 million shares – down from 17.19 million shares in the prospectus – and priced the deal at $18.00 to raise $275.0 million.
Shares of Metsera (MTSR) are expected to start trading Friday, Jan. 31, 205, on the NASDAQ.
BofA Securities, Goldman Sachs, Evercore ISI, Guggenheim Securities and Cantor acted as the joint book-runners,
Metsera plans to use the IPO’s net proceeds to finance a Phase 3 clinical trial of its most advanced drug product candidate, MET-097i, a monthly injectable “ultra-long acting GLP-1 RA that we are developing for the treatment of obesity and overweight,” the company said in the prospectus. Metsera’s injectable weight-loss drug is being developed as a longer-acting alternative to the blockbuster obesity drugs in the headlines – semaglutide, a GLP-1 RA marketed by Novo Nordisk as Wegovy, and tirzepatide, a dual GIP receptor and GLP-1 RA marketed by Eli Lilly as Zepbound. (Note: GLP-1 RA stands for glucagon-like peptide-1 receptor agonist, while GIP stands for glucose-dependent insulinotropic polypeptide.)
Obesity and overweight are among “the fastest-growing and most prevalent chronic human conditions,” affecting about 2.5 billion people worldwide and contributing to heart disease, Type 2 diabetes (adult-onset diabetes), kidney disease and many types of cancer, Metsera said in the prospectus.
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