Weight-loss drug developer Metsera targets up to $1.78 billion valuation in US IPO
By Prakhar Srivastava and Pritam Biswas
(Reuters) -Metsera, which is developing weight-loss drugs, said on Monday it is seeking a valuation of up to $1.78 billion in its U.S. IPO, aiming to capitalize on Wall Street's insatiable appetite for such treatments.
Hopes of a soft landing for the U.S. economy and expectations of a more business-friendly regulatory environment for deals and offerings under the Donald Trump administration have spurred companies' interest in going public in 2025.
"In 2025, early signs have been encouraging — Metsera is one of 6 companies that announced IPO plans in January," said William Pickering, senior analyst at Bernstein.
"But we don't expect a dramatic uptick for the full year given continued high interest rates," Pickering added and signaled companies' poor post-IPO performances in 2023 and 2024.
Despite this, the global weight-loss drug market, expected to be worth about $150 billion by the early 2030s, has drawn increased investor interest in companies targeting the fast-growing segment.
New York City-based Metsera is aiming to raise up to $292.2 million by offering 17.19 million shares, priced between $15 and $17 each.
Biotech firms such as BioAge Labs and MBX Biosciences were well received on their respective debuts, but have lost ground to trade much lower than their IPO price, as of Jan. 27.
Founded in 2022 by venture capital firm ARCH Venture and investment company Population Health Partners, Metsera is developing injectable and oral drugs to treat obesity, based on the GLP-1 mechanism and other biological targets.
GLP-1 drugs, which help slow digestion and reduce hunger by triggering a feeling of fullness, are now being studied to see if they can improve health in other ways too.
Metsera expects its shares will trade on the Nasdaq Global Market under the ticker symbol "MTSR".
BofA Securities, Goldman Sachs, Evercore ISI, Guggenheim Securities and Cantor are the underwriters for the offering.
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