Metsera has set its sights on a hefty $289 million IPO as the next-gen obesity biotech seeks to fund a phase 3 trial of its GLP-1 receptor agonist.
The New York-based company disclosed plans earlier this month to go public and has now given a sense of the scope of its ambitions. The aim is to sell 17.2 million shares priced between $15 and $17 apiece, according to a Jan. 27 Securities and Exchange Commission filing.
Assuming the final share price falls in the middle of that range, this would bring in $250.8 million in net proceeds—rising to $289.1 million if underwriters fully take up their 30-day option to buy an additional 2.6 million shares at the same price.
A haul of almost $290 million would put Metsera in the top quarter of biotech IPOs last year, and the largest of the small number of companies that have attached a figure to their own public offering ambitions so far in 2025.
This morning also saw Maze Therapeutics outline plans for a $131 million IPO, while Hong Kong-listed Ascentage Pharma joined the Nasdaq via a $126.4 million offering on Friday.
Metsera plans to use the proceeds from its own listing to fund a phase 3 trial of MET-097i—a subcutaneous GLP-1 receptor agonist that is the company’s most advanced asset. The biotech recently linked the injectable candidate to weight loss of up to 11.3% after 12 weeks in a phase 2a trial.
MET-097i also demonstrated a half-life of about 15 to 16 days, which Metsera believes is the longest of any NuSH analog peptide in development and improves upon the reported half-life of Eli Lilly's Zepbound, which is around five days, or the seven days for Novo Nordisk's Wegovy.
The biotech, which was founded by Population Health Partners and Arch Venture Partners, has several other earlier-stage assets in its pipeline as well, all of which are designed to expand access to therapies targeting obesity, overweight and related conditions.
The company launched in April 2024 with $290 million and CEO Clive Meanwell, M.D., at the helm. Then, in November, Metsera clinched a $215 million series B fundraise with backing from Venrock, Arch, GV and RA Capital Management, among others.