Metsera Announces Pricing of Initial Public Offering

Rhea-AI Summary

Metsera (Nasdaq: MTSR), a clinical-stage biotech company focused on developing next-generation injectable and oral nutrient stimulated hormone (NuSH) analog peptides for obesity treatment, has announced the pricing of its initial public offering. The company is offering 15,277,778 shares of common stock at $18.00 per share, expecting to raise gross proceeds of approximately $275.0 million before deducting underwriting costs and expenses.

Trading is set to begin on the Nasdaq Global Select Market under ticker 'MTSR' on January 31, 2025, with the offering expected to close on February 3, 2025. Metsera has granted underwriters a 30-day option to purchase up to an additional 2,291,666 shares at the IPO price. BofA Securities, Goldman Sachs, Evercore ISI, Guggenheim Securities, and Cantor are serving as joint bookrunners.

Positive

• Substantial capital raise of $275.0 million through IPO
• Listing on major exchange (Nasdaq Global Select Market)
• Strong underwriter syndicate including top-tier investment banks

Negative

• Potential dilution from additional 2,291,666 shares if underwriters exercise their option

Insights

Financial IPO Analyst

Metsera's IPO represents a substantial capital raise in the highly competitive obesity therapeutics market, securing $275M in gross proceeds at $18.00 per share. The pricing demonstrates robust institutional interest, particularly notable given the selective biotech IPO environment. The company's novel NuSH analog peptides platform targeting obesity positions it in a market projected to exceed $100B by 2030.

The offering structure includes sophisticated elements that warrant attention:

• The 30-day underwriter option for additional 2.29M shares could potentially increase proceeds by $41.25M
• The selection of five major investment banks as joint bookrunners indicates strong syndicate support and likely broad institutional distribution
• Listing on Nasdaq Global Select Market, the highest tier, suggests meeting stringent financial and liquidity requirements

The timing of this IPO is strategic, capitalizing on increased investor appetite for obesity therapeutics following recent successes in the space. The substantial raise provides Metsera with an estimated 24-36 month runway, important for advancing their clinical pipeline. The participation of premier investment banks and institutional investors signals confidence in Metsera's technology platform and market opportunity, though clinical development risks remain inherent to early-stage biotechnology companies.

NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Metsera, Inc. (Nasdaq: MTSR) (“Metsera”), a clinical-stage biotechnology company developing next-generation injectable and oral nutrient stimulated hormone (NuSH) analog peptides to treat obesity, overweight and related conditions, today announced the pricing of its initial public offering of 15,277,778 shares of its common stock at a price to the public of $18.00 per share. All of the shares of common stock are being offered by Metsera. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by Metsera, are expected to be approximately $275.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. Metsera’s common stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “MTSR” on January 31, 2025. The offering is expected to close on February 3, 2025, subject to satisfaction of customary closing conditions. In addition, Metsera has granted the underwriters a 30-day option to purchase up to an additional 2,291,666 shares of common stock at the initial public offering price less underwriting discounts and commissions.

BofA Securities, Goldman Sachs & Co. LLC, Evercore ISI, Guggenheim Securities and Cantor are acting as joint bookrunners for the offering.

A registration statement on Form S-1 (File No. 333-284225) relating to the offering has been filed with the Securities and Exchange Commission and became effective on January 30, 2025. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at Prospectus-ny@ny.email.gs.com; Evercore Group L.L.C., 55 East 52nd Street, 35th Floor, New York, NY 10055, Attn: Equity Capital Markets, or by email at ecm.prospectus@evercore.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com; or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, NY 10022, or by email at prospectus@cantor.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contact

Vicki Albrecht
Metsera
media@metsera.com

FAQ

What is the IPO price for Metsera (MTSR) shares?

Metsera (MTSR) has priced its IPO at $18.00 per share.

How many shares is Metsera (MTSR) offering in its IPO?

Metsera is offering 15,277,778 shares of common stock in its initial public offering.

How much money is Metsera (MTSR) raising in its IPO?

Metsera expects to raise approximately $275.0 million in gross proceeds from the IPO, before deducting underwriting discounts and expenses.

When will Metsera (MTSR) begin trading on Nasdaq?

Metsera's common stock is expected to begin trading on the Nasdaq Global Select Market on January 31, 2025.

What is the underwriters' option in Metsera's (MTSR) IPO?

Underwriters have a 30-day option to purchase up to an additional 2,291,666 shares at the IPO price less underwriting discounts.