Metsera, a biotech company focused on developing therapies for obesity, has announced its intention to raise up to $289 million through an initial public offering (IPO). The funds are primarily earmarked to advance its lead candidate, MET-097i, a long-acting glucagon-like peptide-1 receptor agonist (GLP-1RA), into a Phase III clinical trial. This move underscores the increasing investor interest in the obesity treatment market, projected to reach a valuation of $100-150 billion per year by 2030.
MET-097i: A Promising GLP-1RA
MET-097i is an injectable, ultra-long-acting GLP-1RA being developed for the treatment of obesity and overweight. Phase II data presented in early January 2025 revealed that some patients experienced as much as 20% weight loss. A Phase IIa trial showed an 11.3% weight loss after 12 weeks of treatment. The drug's extended half-life, attributed to Metsera's HALO peptide lipidation platform, allows for potentially less frequent injections compared to existing GLP-1RAs. The company has initiated a Phase 2b trial of MET-097i assessing safety and efficacy at different weekly doses in participants with obesity or overweight without type 2 diabetes, and it expects to report preliminary data from this trial in mid 2025. It plans to separately initiate a Phase 2b study in participants with obesity or overweight with T2D.
Clinical Data and Differentiation
According to Metsera, pharmacological exposure to MET-097i in the Phase II trials showed increasing drug concentration over a 12-week period, suggesting the possibility of monthly administration. This longer half-life differentiates MET-097i from other GLP-1RAs on the market, such as Eli Lilly's tirzepatide (Zepbound) and Novo Nordisk's semaglutide (Wegovy). All 120 patients enrolled in the Phase IIa trial achieved clinically meaningful and statistically significant weight loss, regardless of dose.
Broader Pipeline and Market Context
In addition to MET-097i, Metsera is developing MET-233i, an ultra-long-acting injectable GLP-1RA with potential for monthly administration, and MET-002, an oral GLP-1RA currently in Phase I trials. The company's rapid progress, having emerged from stealth in April 2024 with $290 million in funding and subsequently raising an additional $215 million, reflects the intense competition and significant financial investment in the obesity treatment space. The company reported a net loss of over $156 million from January to September 2024.
IPO Details and Market Impact
Metsera is offering over 17 million shares priced between $15 and $17, with the IPO expected to trade on the Nasdaq under the symbol 'MTSR'. The company intends to use the IPO proceeds to fund the Phase III trial of MET-097i and for general operating expenses. The success of this IPO could signal a positive trend for biotech fundraising in 2025, potentially encouraging other companies in the obesity and metabolic disease space to pursue public offerings. GlobalData forecasts GLP-1RA therapies to generate $168 billion in sales across 68 pharmaceutical markets by 2033.
