Septerna, a Phase 1 biotech targeting GPCRs in multiple therapeutic areas, raised $288 million by offering 16 million shares at $18, as expected. The company offered 0.7 million more shares than anticipated. It originally planned to offer 10.9 million shares at a range of $15 to $17, before upwardly revising the terms on Thursday.
Septerna is developing orally-available small molecule drugs targeting G protein-coupled receptors (GPCRs). The company's lead and sole clinical-stage program is SEP-786, a small molecule parathyroid hormone 1 receptor agonist currently enrolling in a Phase 1 trial in patients with the rare endocrine disease hypoparathyroidism, with topline data expected in mid-2025. The company is also developing SEP-631, a MRGPRX2 negative allosteric modulator for the treatment of chronic spontaneous urticaria that is currently conducting IND-enabling studies, as well as preclinical programs in thyroid and metabolic diseases.
Septerna plans to list on the Nasdaq under the symbol SEPN. J.P. Morgan, TD Cowen, Cantor Fitzgerald, and Wells Fargo Securities acted as joint bookrunners on the deal.
