MBX Biosciences is the latest IPO contender after submitting its pitch for a $114 million Nasdaq debut, which will go toward three experimental drugs.
The peptide drugmaker is working on treatments for chronic hypoparathyroidism, post-bariatric hypoglycemia and obesity. MBX plans to list under an eponymous ticker and market 8.5 million shares between $14 and $16 apiece.
The IPO proceeds, combined with existing cash and a $63.5 million Series C last month, are expected to keep the engine running into mid-2027, the startup said Monday in an updated S-1.
MBX’s lead drug, MBX 2109, is in Phase 2 for chronic hypoparathyroidism. The company is developing the parathyroid hormone peptide prodrug as a long-acting treatment. Last month, Ascendis Pharma secured an FDA nod for its hypoparathyroidism drug, Yorvipath, which was initially rejected by the US regulator in 2023. The medicine is expected to fill a gap as Takeda’s Natpara exits the market after running into manufacturing hurdles. AstraZeneca also dished out $1.05 billion earlier this year for Amolyt Pharma and its late-stage candidate.
MBX’s other key therapies are an experimental post-bariatric hypoglycemia drug, known as MBX 1416, which is in Phase 1, and a long-acting GLP-1/GIP receptor co-agonist prodrug, dubbed MBX 4291. The IPO is expected to help bring that drug into clinical testing for obesity, according to the SEC paperwork. MBX CEO Kent Hawryluk previously sold obesity and diabetes biotech MB2 to Novo Nordisk for undisclosed terms in 2015.
The biotech’s biggest shareholder is Frazier Life Sciences, which owns nearly 22% of the 36-employee startup. New Enterprise Associates, OrbiMed, Deep Track Capital, Wellington Biomedical Innovation, Norwest Venture Partners and RA Capital each own more than 5%.
The Carmel, IN-based drug developer would be one of the few biotechs in the state to go public in recent years. Radiopharmaceutical startup Point Biopharma went public via a SPAC combination in 2021, and then was bought by Indianapolis neighbor Eli Lilly.
Later this week, oncology biotech Bicara Therapeutics and autoimmune startup Zenas BioPharma are expected to begin trading. Obesity and anti-aging startup BioAge Labs is also in the IPO queue.