Carmot Therapeutics, a Phase 2 biotech developing therapies for diabetes and obesity, withdrew its plans for an initial public offering on Monday. It originally filed in November 2023 with a proposed deal size of $100 million. Earlier this month, the company announced that it would be acquired by Roche. The transaction is expected to close early next year.
The biotech's lead candidate, CT-388, is a Phase-2 ready dual GLP-1/GIP agonist targeting the treatment of obesity and its comorbidities via weekly injections. Other candidates include CT-996, a daily oral small molecule GLP-1 receptor agonist, and CT-868, a daily subcutaneous injectable dual GLP-1/GIP receptor agonist.
The Berkeley, CA-based company was founded in 2008 and booked $2 million in license revenue for the 12 months ended September 30, 2023. It had planned to list on the Nasdaq under the symbol CRMO. J.P. Morgan, BofA Securities, Piper Sandler, and Guggenheim Securities were set to be the joint bookrunners on the deal.
