Eli Lilly & Co.

Plus, news about Vigonvita Life Sciences and Lutris Pharma: For MASH developers, a race for cash: Akero Therapeutics aims to raise $300 million in an offering that was announced the same day it disclosed new mid-stage data for the drug it’s developing to treat severe forms of the liver disease. 89bio, which has a MASH candidate in Phase 3, also announced an offering on Monday, saying it plans to sell shares to raise $250 million. — Jaimy Lee BioAge officially drops Phase 2 obesity drug: The Richmond, CA-based biotech terminated development of azelaprag, the oral small molecule APJ agonist licensed from Amgen, after liver concerns forced it to stop a trial last month. The biotech has other APJ agonists in preclinical development, and it plans to soon send an NLRP3 inhibitor into the clinic. It anticipates having early Phase 1 single-ascending dose data by year’s end. The startup also disclosed a Lilly ExploR&D collaboration for two antibodies for “metabolic aging targets” found using BioAge’s discovery platform. Terms of the deal were not disclosed. — Kyle LaHucik Another HKEX IPO filing: A Chinese biopharma called Vigonvita Life Sciences has filed to go public on the Hong Kong Stock Exchange. The Suzhou-based drug developer has an approved Covid-19 treatment in China and Uzbekistan, plus a pipeline of candidates for RSV, depression, epilepsy, schizophrenia and other indications. — Kyle LaHucik Israeli biotech gets $30M: Lutris Pharma said the funding will help it test a topical gel that aims to reduce EGFRi-induced rashes caused by certain cancer drugs. Columbus Venture Partners, Pontifax Venture Capital, Peregrine Ventures and aMoon Fund backed the Tel Aviv-based startup, which expects to have topline Phase 2 results in the first half of this year. — Kyle LaHucik

Versant Ventures has made its fourth investment in an obesity startup in eight months, co-leading a $65 million Series A round in Helicore Biopharma, a developer of an antibody drug that blocks a gut hormone tied to hunger and blood sugar levels.Versants investment in Helicore follows the firms involvement in rounds for Antag Therapeutics, Pep2Tango Therapeutics and SixPeaks Bio. Like Antag, Helicore is studying drugs that inhibit that hormone, called GIP.Helicores lead drug, dubbed HCR-188, blocks GIP ligands in digestive cells, setting it apart from drugs like Eli Lillys Zepbound and Amgens MariTide, which take aim at GIP receptors found in cells that signal insulin release.(Zepbound stimulates, rather than blocks, GIP, while both it and MariTide stimulate a second hormone called GLP-1 thats become central to obesity treatment.)Helicore claims that, by blocking GIP secretion, HCR-188 and similar agents in its pipeline may uniquely prevent GIP signaling in the brain, which could lead to increased mealtime satiety and other metabolic activity that can help reduce weight.It bases its claims on studies of people with genetic mutations that result in loss of GIP activity. These individuals tend to be leaner and have reduced levels of certain lipids in their fat-storing cells.Helicores novel approach is backed by robust evidence and could offer cardiometabolic benefits alongside quality weight loss and improved tolerability when combined with GLP-1, Carlo Rizzuto, managing director at Versant and a Helicore board member, said in a statement.Whether to block or stimulate GIP has become a hot debate in obesity research. Some scientists hypothesize that stimulating GIP, as Zepbound does, could desensitize the protein on pancreatic cells that receives the hormone, effective deactivating it the same way an inhibitor might. MariTide blocks GIP, while stimulating GLP-1.HCR-188 has been tested in preclinical models in combination with GLP-1. The company says its pipeline includes GIP antibody conjugates that can also target GLP-1 and other pathways that might help people with obesity lose weight.Orbimed joined Versant in co-leading the round, which also included investment from Longitude Capital and Wellington. The company is led by CEO Gerrit Klaerner, who co-founded a kidney drug company called Illypsa that was bought by Amgen and another one called Relypsa that was acquired by Galenica. '

IPO proceeds could top out at $289 million if underwriters fully take up their 30-day option to buy an additional 2.6 million shares.\n Metsera has set its sights on a hefty $289 million IPO as the next-gen obesity biotech seeks to fund a phase 3 trial of its GLP-1 receptor agonist.The New York-based company disclosed plans earlier this month to go public and has now given a sense of the scope of its ambitions. The aim is to sell 17.2 million shares priced between $15 and $17 apiece, according to a Jan. 27 Securities and Exchange Commission filing.Assuming the final share price falls in the middle of that range, this would bring in $250.8 million in net proceeds—rising to $289.1 million if underwriters fully take up their 30-day option to buy an additional 2.6 million shares at the same price.A haul of almost $290 million would put Metsera in the top quarter of biotech IPOs last year, and the largest of the small number of companies that have attached a figure to their own public offering ambitions so far in 2025. This morning also saw Maze Therapeutics outline plans for a $131 million IPO, while Hong Kong-listed Ascentage Pharma joined the Nasdaq via a $126.4 million offering on Friday.Metsera plans to use the proceeds from its own listing to fund a phase 3 trial of MET-097i—a subcutaneous GLP-1 receptor agonist that is the company’s most advanced asset. The biotech recently linked the injectable candidate to weight loss of up to 11.3% after 12 weeks in a phase 2a trial.MET-097i also demonstrated a half-life of about 15 to 16 days, which Metsera believes is the longest of any NuSH analog peptide in development and improves upon the reported half-life of Eli Lilly\'s Zepbound, which is around five days, or the seven days for Novo Nordisk\'s Wegovy.The biotech, which was founded by Population Health Partners and Arch Venture Partners, has several other earlier-stage assets in its pipeline as well, all of which are designed to expand access to therapies targeting obesity, overweight and related conditions. The company launched in April 2024 with $290 million and CEO Clive Meanwell, M.D., at the helm. Then, in November, Metsera clinched a $215 million series B fundraise with backing from Venrock, Arch, GV and RA Capital Management, among others.