Metsera, Inc., a clinical-stage biotech company focused on developing next-gen injectable and oral nutrient-stimulated hormone (NuSH) analog peptides for the treatment of obesity, overweight and related conditions, has priced its initial public offering (IPO) at $18.00 per share, raising $275 million in gross proceeds.
Current Share Price:
The offering, which includes 15,277,778 shares of common stock, is set to close on February 3, 2025, after beginning trading on the Nasdaq under the ticker symbol “MTSR” on January 31, 2025.
The offering also includes a 30-day option for underwriters to purchase up to an additional 2,291,666 shares, offering further flexibility in funding the company’s mission to combat obesity and metabolic diseases.
Metsera’s approach involves designing NuSH analog peptides that stimulate key hormones involved in appetite regulation and energy metabolism, providing targeted solutions that aim to address the root causes of obesity.
The IPO proceeds will support the continued development of Metsera’s clinical pipeline, including MET-097i, MET-233i and MET-224o, as well as other peptide therapies aimed at treating obesity, overweight and related metabolic conditions.
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MET-097i, Metsera’s leading GLP-1 receptor agonist (GLP-1 RA), showed up to 11.3% weight loss in Phase IIa with a promising 15 to 16 day half-life — which reduces dosing frequency and improves patient adherence compared to daily or weekly injections.
Currently in Phase IIb with 239 participants, topline data is expected in mid-2025. If successful, Phase III trials are expected to follow shortly thereafter.
Other pipeline candidates like MET-233i (an ultra-long-acting amylin analog) and MET-224o (a long-acting oral GLP-1 RA) are also advancing. Future trials also plan to explore monthly dosing and combining MET-097i with MET-233i and other NuSH analog peptide injectables.
Metsera’s HALO platform and MOMENTUM oral peptide delivery platform were used to develop these candidates. The HALO platform enhances peptide half-life, facilitating monthly dosing and titration-free regimens, while the MOMENTUM platform optimizes oral bioavailability.
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The Obesity and Weight-Loss Drug Market So Far
The global anti-obesity drugs market is set to grow from $6.15 billion in 2024 to $37.94 billion by 2032, driven by the increasing prevalence of obesity and related comorbidities. The growing awareness of obesity’s health risks and the introduction of new treatments are key drivers of this expansion.
GLP-1 RAs, such as Wegovy (semaglutide), are currently the leading treatments in the obesity space, followed closely by dual-activating GIP and GLP-1 obesity med Zepbound (tirzepatide) which has shown even more promising weight-loss results.
Petrelintide from Zealand Pharma is another contender, having shown a weight loss of 5.3% to 8.6% in its Phase Ib trial.
CagriSema (semaglutide and cagrilintide) generated early excitement, but Novo Nordisk’s stock dropped after clinical trials showed only 22.7% weight loss — below the 25% target — with side effects like nausea and fatigue. Despite this, the drug remains under watch for further development.
With obesity and related diseases continuing to rise globally, Metsera’s precision-targeted treatments could offer new options for patients who need more effective, long-term weight management solutions.
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