Metacrine, a Phase 1 biotech developing FXR agonist therapies for NASH, announced terms for its IPO on Wednesday.
The San Diego, CA-based company plans to raise $85 million by offering 6.5 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Metacrine would command a fully diluted market value of $364 million.
The company's lead candidate, MET409, is a potent and sustained FXR agonist with the ability to be dosed orally once daily. MET409 demonstrated notable reductions in liver fat and improvements in other NASH biomarkers and was generally well tolerated in its Phase 1b trial as a monotherapy. The company plans to submit an IND in the 4Q20 and initiate a Phase 2a combination trial in the 1H21, with topline data expected in the 1H22.
Metacrine was founded in 2014 and plans to list on the Nasdaq under the symbol MTCR. Jefferies, Evercore ISI and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2020.
