Metsera files for IPO to compete in obesity drug market

USA – Metsera is making bold moves to secure its position in the rapidly growing market for obesity drugs.

Just nine months after launching with a US $290 million Series A funding round, and only two months after raising an additional US $215 million in a Series B, the New York-based company is now preparing to list on the Nasdaq under the symbol ‘MTSR.’

Metsera was founded in 2022 by Population Health Partners and ARCH Venture Partners. 

The initial filing, valued at US $100 million by Renaissance Capital, could raise much more, depending on demand.

The funds will be used to accelerate the development of Metsera’s obesity drug pipeline, as it seeks to compete with market leaders Novo Nordisk and Eli Lilly, alongside numerous other emerging competitors in the field.

Metsera’s lead asset, MET-097i, is an ultra-long-acting GLP-1 receptor agonist that could rival popular obesity drugs like Novo Nordisk’s Wegovy (semaglutide) and Eli Lilly’s Zepbound (tirzepatide), currently two of the top-selling drugs in the category.

In a Phase 1/2 trial reported last week, MET-097i demonstrated a placebo-adjusted weight loss of up to 11.3% after 12 weeks, along with a remarkable half-life of 380 hours (almost 16 days) and good tolerability.

This profile may allow for once-monthly subcutaneous injections, compared to the weekly dosing required for Wegovy and Zepbound.

Metsera’s IPO prospectus highlights that the company has already launched a Phase 2b trial of MET-097i, testing weekly dosing in patients with obesity or overweight but without type 2 diabetes (T2D), with results expected in mid-2025.

The company plans additional Phase 2b trials for patients with T2D and for those receiving monthly dosing.

Beyond MET-097i, Metsera is also advancing MET-233i, an ultra-long-acting amylin analogue, which is currently in Phase 1 and will be developed both as a standalone treatment and in combination with GLP-1 drugs, including MET-097i.

In addition, Metsera plans to begin clinical trials later this year for MET-224o, an oral GLP-1 candidate.

Metsera believes its products have the potential to overcome barriers to adoption as long-term therapies while enhancing effectiveness and improving manufacturing scalability.

According to third-party market research, GLP-1 receptor agonists generated approximately US $36 billion in global sales in 2023 and could reach US $170 billion by 2030, highlighting the immense opportunity in this growing market.