A pair of drugmakers priced their initial public offerings on Thursday, delivering the best month for U.S. health care first-time share sales since October.
Metsera raised $275 million in its IPO, selling 15.3 million shares for $18 each, according to a statement. It had offered 17.2 million shares for $15 to $17 each.
At the IPO price, the FiDi-based clinical-stage biotechnology company developing injectable and oral treatments for obesity and related conditions has a market value of about $1.85 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.
Also on Thursday, Maze Therapeutics priced an upsized IPO at $16 a share, in the middle of a marketed range, according to a statement. The maker of biopharmaceutical medicine for kidney, heart and metabolic diseases sold 8.75 million shares to raise $140 million, the statement showed. The pricing gives Maze a market value of about $700 million, based on the outstanding stock in its filings.
The deals add to a strong month for health care IPOs, coming on the heels of Beta Bionics’s $204 million IPO on Wednesday and Hong Kong-listed Ascentage Pharma Group International’s $126 million sale of American depositary shares priced Jan. 23. January’s haul of more than $750 million in six listings makes it the busiest for US health care IPOs since October, according to data compiled by Bloomberg.
Metsera’s investors include affiliates of ARCH Venture Partners, which had a 28.1% stake in the company prior to the offering, the filings show. Their stake is expected to fall to 23.5% after the IPO. Other backers include Population Health Partners, Fidelity Investments, Mubadala Capital and Google Ventures.
Metsera has $187.6 million of cash and cash equivalents, according to the filings.
Its offering was led by Bank of America, Goldman Sachs Group, Evercore, Guggenheim Securities and Cantor Fitzgerald. The company’s shares are expected to begin trading Friday on the Nasdaq Global Select Market under the symbol MTSR.
Maze’s largest shareholders are affiliates of Third Rock Ventures with 20.1% of the shares ahead of the offering, and affiliates of ARCH Venture Partners with 11.8% before the deal. The company has $149.6 million worth of cash and equivalents, the filings show.
Maze’s offering was led by JPMorgan Chase, TD Cowen, Leerink Partners and Guggenheim Securities. The company’s shares are set to begin trading Friday on the Nasdaq Global Market with the symbol MAZE.
