Home Market News Carmot Therapeutics, Developer of GLP-1 Drugs, Contemplates IPO or Buyout

Carmot Therapeutics, Developer of GLP-1 Drugs, Contemplates IPO or Buyout

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Carmot Therapeutics, Developer of GLP-1 Drugs, Contemplates IPO or Buyout

Large yellow signboard on metal frame with the word IPO

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Leading GLP-1 drug developer, Carmot Therapeutics, is reportedly considering an initial public offering (IPO) or potential buyout by a major pharmaceutical company, with a projected valuation of at least $1 billion.

The biotech company, focused on developing drugs for diabetes and weight-loss, has two injectable GLP-1 drug candidates in Phase 2 development for both type 1 and type 2 diabetes, according to its website.

Carmot Therapeutics has secured JP Morgan and Bank of America as underwriters for a possible IPO, scheduled potentially for this year, pending favorable market conditions. The company has also received “takeover interest” from prominent drug manufacturers at a valuation surpassing $1 billion, according to a Bloomberg report.

Following a successful $150 million funding round in May, Carmot Therapeutics’ post-money valuation reached $1.25 billion, as reported by Bloomberg.

The major players in the development of GLP-1 drugs, including Eli Lilly (LLY), Novo Nordisk (NVO), Amgen (AMGN), and Pfizer (PFE), continue to dominate the market.

On Friday, Structure Therapeutics (GPCR) experienced a surge in stock prices following positive Phase 1 data for its orally administered GLP-1 drug.

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