Chronic kidney disease-focused Maze Therapeutics (MAZE Proposed) disclosed the terms for its $124.8 million IPO early today – Monday, Jan. 27, 2025 – and launched the deal to price this week. Maze Therapeutics plans to offer 7.8 million shares at a price range of $15.00 to $17.00 to raise $124.8 million, if priced at the $16.00 mid-point. The biotech, whose most advanced leading drug candidate is in a Phase 2 clinical trial, would have a market cap of $685.3 million, assuming mid-point pricing at $16.00. (Corrects price range, estimated IPO proceeds and market cap – corrected figures in blue in the first paragraph. IPOScoop regrets the error.)
J.P. Morgan, TD Cowen, Leerink and Guggenheim Securities are the joint book-runners.
Maze Therapeutics’ IPO is expected to price on Thursday night, Jan. 30, 20225, to trade Friday, Jan. 31, on the NASDAQ.
Chronic kidney disease (CKD) affects about 37 million people in the United States – and it’s expected to be the fifth most prevalent chronic disease by 2040, Maze Therapeutics said in the prospectus.
Maze Therapeutics, based in South San Francisco, said its most advanced lead program, MZE829, is an oral small molecule inhibitor of apolipoprotein L1, or APOL1, to treat patients with APOL1 kidney disease, or AKD, which is estimated to affect over 1 million patients in the United States alone. The company began a Phase 2 clinical trial of MZE829 in November 2024. It expects to dose its first patient in the first quarter of 2025 and to report proof-of-concept data in the first quarter of 2026, according to the prospectus.
The company’s second lead program, MZE782, is an oral small molecule inhibitor of the solute transporter SLC6A19, a novel CKD target, with the potential to address approximately 5 million of the CKD patients in the United States with inadequate responses to currently available CKD therapies. Maze Therapeutics started a Phase 1 trial of MZE782 in September 2024 – and it expects to report initial data from this trial in the second half of 2025, the prospectus said.
Maze Therapeutics said it’s also developing another drug candidate, MZE001, as a treatment for Pompe disease through a partnership agreement with Japan’s Shionogi & Co. Ltd.
Unlike most clinical biotechs when they file to go public, Maze Therapeutics has net income and revenue from its licensing and partnership agreements, according to the prospectus.
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