GLP-1 receptor agonist (Metsera)

Maze Therapeutics\' final share price fell squarely in the middle of the $15 to $17 range it set out recently, while it raised the number of shares on offer from 7.8 million to 8.7 million. \n Obesity biotech Metsera and renal and metabolic-focused Maze Therapeutics have met their IPO expectations as the two companies prepare to join the Nasdaq this morning.While Metsera is offering less shares, 15.3 million, than the 17.2 million it had planned in recent days, the final IPO price of $18 per share has exceeded the $15-$17 range it had initially expected. It means the gross proceeds from the offering should still match the company’s ballpark estimation of above $275 million.Underwriters also have the option to bring in around $41 million in additional proceeds if they fully take up their 30-day option to buy 2.3 million shares at the same price.The New York-based company, which will list on the Nasdaq under the ticker “MTSR” this morning, has previously set out plans to use the proceeds from the 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. Meanwhile, Maze’s final share price fell squarely in the middle of the $15-$17 range it set out recently, while it raised the number of shares on offer from 7.8 million to 8.7 million. Having eyed up net proceeds of $113.6 million, the biotech said today that gross proceeds from the offering should reach $140 million.That figure could be bumped up by a further $21 million if underwriters take up their 30-day option to buy an additional 1.3 million shares at the same price.The biotech, which will list under the ticker “MAZE” this morning, has previously said its top priority will be MZE829, an oral APOL1 inhibitor being tested for APOL1 kidney disease, with dosing in an ongoing phase 2 expected to begin in the coming weeks. There’s also MZE782, an oral SCL6A19 inhibitor in a phase 1 trial with healthy volunteers and plans to pursue the drug in chronic kidney disease and phenylketonuria.

Obesity drug developer Metsera and kidney disease biotech Maze Therapeutics priced their Nasdaq IPOs on Thursday evening. Metsera $MTSR will raise $275 million and Maze $MAZE will raise $140 million in their initial public offerings, according to announcements by the companies Thursday evening. When they begin trading in New York on Friday, the two biotech companies could set the tone for what appears to be a mini-revival of IPOs by drug developers. Behind them are four other startups — Sionna , Odyssey , Aardvark and Aurion — that have also filed to go public. Metsera and Maze both check many of the boxes sought by public market investors: Both have drug candidates already being tested in humans, experienced management teams steering their R&D and business development engines, marquee crossover investor names, near-term clinical readouts, and came into their IPOs with plenty of spare cash. ARCH Venture Partners and Alphabet’s GV are large shareholders in both companies. Metsera’s IPO is being propelled by investors’ interest in obesity, a field that some industry insiders anticipate will become the largest pharmaceutical market in history. The New York-based drug developer, founded by veterans of The Medicines Company, has a Phase 2b-stage GLP-1 receptor agonist called MET-097i , a Phase 1 amylin analog and multiple other drug candidates. Metsera will begin trading at $18 per share, above the $15 to $17 range it marketed to investors earlier this week. It sold 15.27 million shares, against an original plan of 17.18 million. Maze will launch at $16 per share, the midpoint of the range it proposed at the beginning of this week. It floated 8.75 million shares, against the initial plan of 7.8 million shares. Its lead asset is an oral small molecule being investigated in Phase 2 for APOL1 kidney disease. It also has another small molecule in Phase 1 for chronic kidney disease. Maze’s journey has been somewhat unusual. It sold its Pompe disease treatment candidate to Shionogi last year after the FTC blocked a deal with Sanofi . The IPO filing contains details of the Shionogi deal, showing that in addition to a $150 million upfront payment, Shionogi could pay as much as $275 million for clinical and regulatory milestones and up to $330 million if specific sales marks are hit. The Japanese pharma could also pay low double-digit to 20% royalties on net sales. Maze has created several joint ventures, as well. One, ophthalmology-focused Broadwing Bio out-licensed an ANGPTL7 program to an undisclosed biotech in August, according to the financial filing. Contour Therapeutics, a cardiovascular-focused JV with BridgeBio, dissolved in October 2022. Maze also outlicensed a discovery program targeting ATXN2 to Neurocrine last year for $2.5 million upfront and up to $200 million in biobucks, according to the filing.