MBX Biosciences sets IPO terms with plans to raise up to $136 million

By Ciara Linnane

Company is the third biotech to set price ranges for planned deals since Friday

MBX Biosciences (MBX), a clinical-stage biotech focused on developing treatments for endocrine and metabolic disorders, set terms for its initial public offering on Monday, with plans to offer 8.5 million shares priced at $14 to $16 each.

The company would raise $136 million at the top of that range. MBX has applied to be listed on Nasdaq under the ticker "MBX." JPMorgan, Jefferies, Stifel and Guggenheim Securities are underwriting the deal.

With 30.2 million shares expected to be outstanding once the deal closes, the company would have a valuation of $483.2 million.

The company is pre-revenue and loss-making. Proceeds of the deal will be used to advance clinical studies, as well as pre-clinical research.

"Our company was founded by global leaders with a transformative approach to peptide drug design and development," MBX said in its prospectus.

Its lead product candidate, MBX 2109, is a parathyroid hormone peptide prodrug that is designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism, or HP, a rare endocrine disorder.

The company is also developing treatments for post-bariatric hypoglycemia and for obesity.

MBX joins the IPO pipeline just days after two other biotechs set terms for their planned deals.

Zenas BioPharma Inc. (ZBIO) and Bicara Therapeutics Inc. (BCAX) on Friday set price ranges for deals that would raise about $200 million each.

The deals come as the Renaissance IPO ETF (IPO) has gained 5% in the year to date, while the S&P 500 has gained 13.4%.

See also: The floodgates on the IPO market are unlikely to open before year-end

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

09-09-24 0814ET

Copyright (c) 2024 Dow Jones & Company, Inc.