Sagimet Biosciences, a Phase 2 biotech developing a selective FASN inhibitor for NASH and cancers, announced terms for its IPO on Monday.
The San Mateo, CA-based company plans to raise $75 million by offering 4.7 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Sagimet Biosciences would command a fully diluted market value of $375 million.
Sagimet is developing a portfolio of internally-discovered, selective fatty acid synthase (FASN) inhibitors for the treatment of several diseases that result from the overproduction of the fatty acid, palmitate. Its lead candidate, TVB-2640, is an oral, once-daily pill being developed for liver diseases and cancers. TVB-2640 has completed a Phase 2a trial in NASH, and interim results for its Phase 2b trial in NASH were presented to the American Association for the Study of Liver Diseases (AASLD) meeting in November 2022. It is also conducting a Phase 3 trial for glioblastoma multiforme in China through license partner Ascletis.
Sagimet Biosciences was founded in 2006 and plans to list on the Nasdaq under the symbol SGMT. Goldman Sachs, TD Cowen, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of July 10, 2023.
