The IPO Buzz: MBX Biosciences (MBX Proposed) Sets Terms & Launches $127.5 Million IPO

MBX Biosciences (MBX Proposed), a Phase 2 biotech targeting endocrine and metabolic diseases, disclosed the terms for its $127.5 million IPO and launched the deal early today – Monday, Sept. 9, 2024 – for pricing later this week. MBX Biosciences Inc. is offering 8.5 million shares at a price range of $14.00 to $16.00 to raise $127.5 million, if priced at the $15.00 mid-point of its range. The market cap would be $452.31 million, assuming the IPO is priced at the $15.00 mid-point. This is a NASDAQ listing. (Please see the IPO Calendar for the pricing date.) JPMorgan, Jefferies, Stifel and Guggenheim Securities are the joint book-runners. MBX Biosciences, based in Carmel, Indiana, is developing its leading drug candidate, MBX 2109, a parathyroid hormone peptide, now in a Phase 2 clinical trial, as a once-weekly injection to treat patients with chronic hypoparathyroidism (HP). The biotech said it dosed the first patient in this Phase 2 clinical trial in August 2024. MBX Biosciences said it expects to report topline data in the third quarter of  2025. The company was founded in  2018. MBX Biosciences said its drug product candidates and programs include: –MBX 1416: We are advancing MBX 1416, which is designed to be a long-acting glucagon-like peptide-1, or GLP-1, receptor antagonist, as a potential therapy for post-bariatric hypoglycemia, or PBH, a chronic complication of bariatric surgery. MBX 1416 is designed as a convenient once-weekly therapy to reduce insulin secretion and increase blood glucose to reduce the frequency and severity of hypoglycemic events. In our ongoing Phase 1 clinical trial, preliminary data regarding the way the compound is absorbed, distributed, metabolized and excreted, or pharmacokinetics, from the single ascending dose portion demonstrated that weekly subcutaneous injections resulted in dose-proportional increases in MBX 1416 exposure and a half-life supporting a once-weekly dosing regimen. We anticipate additional single ascending dose and multiple ascending dose data from our ongoing Phase 1 clinical trial in the fourth quarter of 2024. –Obesity portfolio: Our lead obesity product candidate, MBX 4291, is designed to be a long-acting and highly potent GLP-1 and glucose-dependent insulinotropic polypeptide, or GIP, receptor co-agonist prodrug with the goal of reducing dosing frequency and improving efficacy and tolerability relative to existing standards of care. MBX Biosciences, Inc., like most biotechs when they go public, is not profitable: The company reported a net loss of  $47.2 million on no product revenue for the 12 months that ended June 30, 2024. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions or anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.