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  • Fractyl Health targets...

Fractyl Health targets up to $762 mln valuation in US IPO

Kajal RajputWritten by Kajal Rajput Published On 2024-01-30T15:45:23+05:30  |  Updated On 22 March 2024 5:24 PM IST
Fractyl Health targets up to $762 mln valuation in US IPO
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Bengaluru: Obesity and diabetes drug developer Fractyl Health said on Monday it was aiming for a market valuation of up to $762 million in its U.S. initial public offering (IPO).

The company, backed by investment firm Mithril Capital and venture capital firm General Catalyst, plans to raise up to $132 million by selling about 7 million shares priced between $16 and $18 each.

The U.S. IPO market is looking to rebound in 2024 after two subpar years as hopes of a soft landing for the economy grow. Last week, Healthcare companies CG Oncology and KKR-backed BrightSpring Health Services made contrasting market debuts, signaling investors remained cautious.

Also Read:Nephrocare India raises Rs 8.08 crore in pre-IPO round

Lexington, Massachusetts-based Fractyl Health develops "disease-modifying" therapies that target organ-level root causes to treat metabolic diseases like type-2 diabetes and obesity.

The company's Revita, which it is developing for type 2 diabetes, is at an enrollment stage. The company expects to report top-line data from the therapy in Q4 2024.

Its other therapy, Rejuva PGTx, at a preclinical stage, has shown improvement in glycemic control, delayed diabetes progression, and weight reduction compared to semaglutide, an active ingredient in Novo Nordisk's Ozempic and Wegovy.

Novo Nordisk and Eli Lilly have surged ahead in the competition to claim a share of the weight-loss drugs market, anticipated to reach a value of $100 billion by the end of the decade.

Fractyl Health plans to list on the Nasdaq under the symbol "GUTS".

BofA Securities, Morgan Stanley and Evercore ISI are the underwriters of the offering.

Original news source: https://www.reuters.com/markets/deals/fractyl-health-targets-up-762-mln-valuation-us-ipo-2024-01-29/

Also Read:Higher serum Lipoprotein A level independent risk factor for mildly reduced eGFR

ObesitydiabetesFractyl Healthinitial public offeringIPONovo NordiskEli Lilly
Kajal Rajput
Kajal Rajput

    Kajal joined Medical Dialogue in 2019 for the Latest Health News. She has done her graduation from the University of Delhi. She mainly covers news about the Latest Healthcare. She can be contacted at editorial@medicaldialogues.in.

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