Metsera Posts Wider Loss in US IPO Filing, Plans Nasdaq Listing

Metsera, a weight-loss drug developer backed by ARCH Venture Partners, has revealed a wider net loss of $156.26 million in the first nine months of 2024 compared to a loss of $34.18 million in the same period in 2023. The company intends to list its shares on the Nasdaq Global Market under the ticker symbol "MTSR" and has appointed BofA Securities, Goldman Sachs, Evercore ISI, Guggenheim Securities, and Cantor as underwriters.

Metsera, a clinical-stage biotech company specializing in weight loss, reported a wider net loss of $156.26 million for the first nine months of 2024 compared to $34.18 million in the same period in 2023 [1]. The New York-based startup, which emerged from stealth in 2022, aims to challenge the duopoly of Novo Nordisk and Eli Lilly in the weight loss market with its diverse pipeline of oral and injectable candidates [1].

Metsera's portfolio includes an injectable GLP-1 receptor agonist in Phase I trials, a dual amylin/calcitonin receptor agonist (DACRA), and a unimolecular GLP-1/GIP/glucagon in combination with the DACRA [1]. The company also has two IND-ready oral peptide delivery candidates and several early-stage programs [1]. Metsera's pipeline is sourced from a proprietary library of 20,000 gut hormone peptides and peptide/antibody conjugates [1].

The company, founded by venture capital firms ARCH Venture Partners and Population Health Partners, has secured $290 million in financing and appointed BofA Securities, Goldman Sachs, Evercore ISI, Guggenheim Securities, and Cantor as underwriters for its planned initial public offering (IPO) on the Nasdaq Global Market under the ticker symbol "MTSR" [1].

Metsera's CEO, Clive Meanwell, stated that the company has been "purpose-built" over the past two years, with a team of world experts and leading healthcare investors, to get ahead of the "innovation curve" in the weight loss market [1]. The company's long-term goals include addressing multiple next-generation weight loss objectives [1].

The obesity crisis, a growing worldwide concern, presents a significant opportunity for Metsera and its innovative weight loss solutions [1]. According to the World Health Organization, obesity has more than doubled worldwide since 1980, and over 1.9 billion adults were overweight or obese in 2020 [2].

Sources:
[1] Biospace. (2024, October 13). Weight-loss drug startup Metsera launches with $290m, looks to tap lucrative obesity market. https://www.biospace.com/weight-loss-drug-startup-metsera-launches-with-290m-looks-to-tap-lucrative-obesity-market
[2] World Health Organization. (2022). Obesity and overweight. https://www.who.int/news-room/fact-sheets/detail/obesity-and-overweight