Metsera, Maze will play canary in the IPO coal mine

With the IPO window almost completely closed for months and Trump 2.0 ushering in a time of uncertainty over biotech markets, only a handful of companies have braved the IPO queue in recent weeks. But as bankers and investors began to touch down at SFO for next week’s J.P. Morgan Healthcare Conference, the tidy list of NASDAQ hopefuls gained a high-profile companion Friday in well-funded obesity start-up Metsera.

Backed by VCs at Arch Venture Partners and a team from The Medicines Co., Metsera Inc. launched in spring 2024 with $290 million in initial funding and plans to develop best-in-class injectable and oral therapies for weight loss, obesity-related disorders and metabolic diseases. ...