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.