27-01-2025
Drug developer Maze Therapeutics eyes up to $728 million valuation in US IPO
Jan 27 (Reuters) - Drug developer Maze Therapeutics said on Monday it was targeting a valuation of up to $728.1 million in its New York initial public offering, set to be the first U.S.-based biotech firm to debut this year.
The South San Francisco, California-based company is seeking up to $132.6 million by offering 7.8 million shares priced between $15 and $17 each.
The IPO could be one of the several offerings from the biotech sector in the coming weeks as a clutch of pharmaceutical companies looks to test investor appetite towards the industry.
"Despite investors shying away from the sector since the election, we're still hopeful that easing monetary policy could provide a tailwind throughout the year," said IPOX research analyst Lukas Muehlbauer, adding the recent biotech IPO filings are a positive sign.
Drug developers Aardvark Therapeutics, Aurion Biotech, Sonna Therapeutics, Metsera, and Odyssey Therapeutics are among the IPO hopefuls that have filed their paperwork in recent weeks.
Maze, backed by healthcare venture firms ARCH Venture and Third Rock Ventures, as well as Alphabet's (GOOGL.O), opens new tab venture capital arm GV, raised $115 million in a funding round just over a month ago.
The company is developing drugs to treat renal, cardiovascular and metabolic diseases.
Maze's pipeline includes two lead experimental candidates for chronic kidney disease - MZE829, in a mid-stage study, and MZE782, in an early-stage study with initial data expected in the second half of 2025.
The company is also developing MZE001, an experimental therapy to treat a rare muscle disorder Pompe disease, with Japan's Shionogi (4507.T), opens new tab, after a 2023 agreement for the therapy with French drugmaker Sanofi ( opens new tab fell apart due to U.S. Federal Trade Commission objections.
J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities are the underwriters for the offering.
Maze will list on the Nasdaq under the symbol "MAZE".
