(Reuters) – Weight-loss drug developer Metsera is targeting an up to $1.78 billion valuation in its initial public offering, the ARCH Venture Partners-backed biotech company said on Monday.
New York City-based Metsera seeks to raise up to $292.2 million by offering 17.19 million shares, priced between $15 and $17 each.
The weight-loss drug market, estimated to be worth about $150 billion by the early 2030s, has attracted more investors toward companies tapping the lucrative segment.
Strong debuts by firms such as BioAge and MBX Biosciences last year have also encouraged listings by other IPO candidates in this segment.
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.
(Reporting by Prakhar Srivastava and Pritam Biswas in Bengaluru; Editing by Anil D’Silva and Pooja Desai)
Comments