Metsera and Maze Therapeutics are the second and third biotechnology firms this year to go public, raising $275 million and $140 million, respectively, in a pair of new stock offerings priced Thursday.

Metsera和Maze Therapeutics是今年第二家和第三家上市的生物技术公司，分别在周四定价的两次新股发行中筹集了2.75亿美元和1.4亿美元。

Metsera, an obesity drug developer, sold nearly

15.3 million shares at $18 apiece

1530万股，每股18美元

in an offering that ranks as one of the industry’s largest since 2022, according to

据英国《每日邮报》报道，此次发行是自2022年以来业界规模最大的一次发行

BioPharma Dive data

BioPharma 潜水 数据

. Maze, a maker of kidney disease medicines, priced

梅兹（Maze），一家肾病药物制造商，定价

more than 8.7 million shares at $16 each

870多万股，每股16美元

, exceeding the terms it had set earlier this week.

，超过了本周早些时候设定的条款。

Metsera shares will trade on the Nasdaq Friday under the symbol “MTSR,” while Maze’s stock will be listed under “MAZE.”

梅瑟拉的股票将于周五在纳斯达克交易，代号为“MTSR”，而梅兹的股票将在“梅兹”下上市

Metsera’s offering completes a quick jump to public markets. The company officially

梅瑟拉的产品完成了向公共市场的快速跳跃。公司正式

emerged from stealth

从隐身中脱颖而出

last April.

去年四月。

Like

喜欢

many other

许多其他

well-funded

资金充足

startups to recently

初创公司到最近

launch

发射

, Metsera aims to compete in the multibillion-dollar market for weight loss drugs with medicines that improve upon Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound. The company used a large bankroll — more than a half a billion dollars through two funding rounds — to acquire and test a portfolio of oral and injectable drugs..

，梅瑟拉的目标是在数十亿美元的减肥药物市场上与诺和诺德的Wegovy和礼来的Zepbound相比有所改进的药物竞争。该公司通过两轮融资获得了超过5亿美元的巨额资金，用于收购和测试口服和注射药物的组合。。

In January, Metsera

1月，Metsera

revealed Phase 2 data

揭示的第二阶段数据

suggesting its top prospect, MET-097i, may last longer in the body than Zepbound or Wegovy. The company is testing it as a weekly injection in additional mid-stage trials in obesity and diabetes, and plans to evaluate a monthly dosing schedule in a third Phase 2 study. Two of those trials should produce results in 2025, according to Metsera’s filing..

这表明它的最高前景MET-097i在体内的寿命可能比Zepbound或Wegovy更长。该公司正在肥胖症和糖尿病的额外中期试验中将其作为每周注射进行测试，并计划在第三阶段2研究中评估每月给药时间表。根据梅瑟拉提交的文件，其中两项试验应在2025年产生结果。。

The company is also developing a long-acting oral medicine and an injectable drug targeting the gut hormone amylin. An earlier version of the oral drug is in Phase 1 testing in Canada. Metsera intends to incorporate findings from that study into an early-stage trial of a refined compound in the U.S., from which data could come later this year..

该公司还正在开发一种长效口服药物和一种针对肠道激素胰淀素的注射药物。该口服药物的早期版本正在加拿大进行第一阶段测试。梅瑟拉打算将该研究的结果纳入美国一种精制化合物的早期试验中，数据可能会在今年晚些时候公布。。

The injectable therapy, MET233i, will be evaluated in combination with MET-097i in 2025 as well if Metsera observes “sufficient evidence of clinical safety” in an ongoing, early-stage trial, according to the filing.

如果Metsera在正在进行的早期试验中观察到“足够的临床安全证据”，那么注射疗法MET233i也将在2025年与MET-097i联合评估。

Maze has also had success with private fundraising, securing

梅兹在私人筹款方面也取得了成功

nearly $500 million

近5亿美元

across several financing rounds. The latest came in the form of a $215 million Series D announced less than two months ago.

。最新的是不到两个月前宣布的价值2.15亿美元的D系列。

The funding helped Maze develop drugs for kidney disease and metabolic disease as well as a Pompe disease treatment that it later licensed out.

这笔资金帮助梅兹开发了治疗肾脏疾病和代谢疾病的药物，以及后来获得许可的庞贝病治疗药物。

Maze's lead drug in November entered Phase 2 testing for a type of kidney disease caused by mutations in a gene called APOL1. Maze expects to report data in 2026 and, in its IPO filing, claimed the drug could compete with a Vertex Pharmaceuticals treatment that’s in late-stage testing. Maze said preclinical research indicated its drug could be “substantially more potent” than Vertex’s, making it “more suitable for clinical exploration in a broader range of patients.”.

Maze的先导药物于11月进入了一种由APOL1基因突变引起的肾脏疾病的第二阶段测试。梅兹预计将于2026年报告数据，并在其首次公开募股文件中声称，该药物可能与Vertex制药公司正在进行后期测试的治疗方法竞争。梅兹说，临床前研究表明，它的药物可能比Vertex的“更有效”，使其“更适合在更广泛的患者中进行临床探索”。

A second program is currently in Phase 1 trial in chronic kidney disease. Study results will come in 2025, after which Maze will start a Phase 2 trial in the rare genetic disorder phenylketonuria.

第二个项目目前正在进行慢性肾脏疾病的第一阶段试验。研究结果将于2025年公布，之后Maze将开始罕见遗传性苯丙酮尿症的2期临床试验。

Maze first licensed its Pompe disease drug to Sanofi in 2023 but, after an unusual challenge to that deal by the

梅兹于2023年首次将其庞贝氏症药物授权给赛诺菲，但在该交易受到

Federal Trade Commission

联邦贸易委员会

, handed rights to Shionogi the next year. Maze has also put some of its research into two startups, Contour Therapeutics and Broadwing Bio, though the former company has since been dissolved, according to its IPO filing.

第二年，他将权利移交给了小木。Maze还将部分研究投入了两家初创公司，Contour Therapeutics和Broadwing Bio，但根据其首次公开募股文件，这家前公司已被解散。

In each of the past three years, there have been around two dozen biotech IPOs, far fewer than during an IPO boom that coincided with the COVID pandemic. Industry experts expect an uptick in 2025 as more mature biotechs test public investors’ interest.

在过去的三年中，每年都有大约20多家生物技术公司进行IPO，远远少于与新型冠状病毒大流行同时出现的IPO热潮。行业专家预计，随着更成熟的生物技术测试公众投资者的兴趣，2025年将出现上涨。

“With a large backlog of private companies, we expect the IPO pipeline to step up a bit in 2025,” as many of those companies have “good cash balances” and “lots of data,” wrote Jefferies analyst Michael Yee earlier this month.

Jefferies分析师Michael Yee在本月早些时候写道：“随着大量私人公司积压，我们预计2025年IPO渠道将有所增加”，因为许多这些公司拥有“良好的现金余额”和“大量数据”。

The first quarter is typically a busy time for IPOs. Metsera and Maze join China-based cancer biotech

第一季度通常是IPO的繁忙时期。梅瑟拉和梅兹加入中国癌症生物技术公司

Ascentage Pharma

Ascentage Pharma

in going public this month. And four other companies have lined up

本月上市。另外四家公司已经排队

behind them

在他们身后

. All seven companies have drugs in clinical testing, and four have advanced into at least Phase 2.

。所有七家公司都有药物进行临床测试，其中四家已进入至少第二阶段。