Metsera launches with $290M and ambitions to challenge obesity heavyweights Lilly, Novo

18 Apr 2024
firstwordpharma.com
Executive ChangePhase 1IPO
Metsera is seeking to tap into the booming weight-loss drug market, announcing its launch on Thursday with $290 million in financing to advance its broad pipeline of oral and injectable obesity therapies. CEO Clive Meanwell noted that the company “was purpose-built over the last two years to get ahead of the innovation curve in one of the largest and fastest growing markets in the history of biopharma.”
The firm’s pipeline includes drugs targeting GLP-1 - with an injectable already in Phase I studies – as well as a dual amylin/calcitonin receptor agonist (DACRA), which is being combined with the GLP-1 receptor agonistGLP-1 receptor agonist. Metsera’s portfolio also comprises a single molecule targeting GLP-1, GIP and glucagon, as well as an oral peptide delivery platform, including two IND-ready candidates.
Board member Kristina Burow – who is a managing director of ARCH Venture Partners – noted that “Metsera’s portfolio is focused beyond the current generation of market leaders to address the full spectrum of future weight loss therapeutic needs, including effective weight maintenance, preserving muscle, less-frequent dosing, and better efficacy, tolerability and patient access.”
Aim to match Viking, Structure data
Along with Eli Lilly and Novo Nordisk - both of which already market GLP-1s for obesity - there are other players vying for a slice of the weight-loss pie. "There are other great companies around as Viking [Therapeutics] on the injectable and oral side, as well as Structure [Therapeutics] on the small-molecule side," Meanwell remarked. He added "I think our goal in the next 12 months is to attain those sorts of standards and milestones.”
Metsera was founded by Population Health Partners and ARCH Venture Partners, while participants in the financing also include F-Prime Capital, GV, Mubadala Capital, Newpath Partners and SoftBank Vision Fund 2. Meanwell explained that the capital raised so far encompasses a seed round plus a Series A financing, although he did not provide details around valuation.
Meanwell previously served as CEO of The Medicines Company, before being replaced as activist investor Alex Denner took control of the drugmaker, ultimately selling it to Novartis for $9.7 billion in 2020. Meanwell subsequently joined with ex-Pfizer CEO Ian Read to form Population Health.
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