Metsera Sets Sights on $289 Million IPO to Fund Phase 3 Weight Loss Trial

Metsera, a New York-based biotech company focused on next-generation obesity treatments, has announced plans for a substantial initial public offering (IPO) aimed at raising up to $289 million. The company intends to use the proceeds to fund a phase 3 trial of its promising GLP-1 receptor agonist, MET-097i.

IPO Details and Financial Landscape

According to a recent Securities and Exchange Commission filing, Metsera plans to offer 17.2 million shares priced between $15 and $17 each. If successful, this could net the company $250.8 million, potentially rising to $289.1 million if underwriters exercise their option to purchase additional shares.

This ambitious IPO places Metsera among the top-tier biotech public offerings of recent times. It surpasses other notable 2025 IPOs in the sector, including Maze Therapeutics' $131 million offering and Ascentage Pharma's $126.4 million Nasdaq listing.

MET-097i: A Promising Obesity Treatment

At the heart of Metsera's IPO strategy is MET-097i, the company's lead asset and a subcutaneous GLP-1 receptor agonist. Recent phase 2a trial results have shown promising outcomes:

• Weight loss of up to 11.3% after 12 weeks of treatment
• A half-life of approximately 15 to 16 days, potentially the longest of any NuSH analog peptide in development

These results suggest MET-097i could offer advantages over existing treatments like Eli Lilly's Zepbound and Novo Nordisk's Wegovy, which have reported half-lives of about five and seven days, respectively.

Company Background and Future Prospects

Metsera's rapid ascent in the biotech sphere is notable. Founded in April 2024 by Population Health Partners and Arch Venture Partners with an initial $290 million in funding, the company has quickly gained traction. Under the leadership of CEO Clive Meanwell, M.D., Metsera secured an additional $215 million in a Series B round in November, backed by prominent investors including Venrock, Arch, GV, and RA Capital Management.

The company's pipeline extends beyond MET-097i, encompassing several earlier-stage assets. These projects aim to broaden access to therapies targeting obesity, overweight, and related conditions, positioning Metsera as a potentially significant player in the evolving landscape of metabolic health treatments.