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Carmot Therapeutics, which is developing drugs for diabetes and weight-loss, is reportedly mulling an IPO or possible sale to a large pharmaceutical company at a valuation of at least $1B.
The biotech company has two injectable GLP-1 drug candidates in Phase 2 development for type 1 and type 2 diabetes, according to the company’s website.
Carmot has enlisted JP Morgan and Bank of America as underwriters on an IPO, which could come as early as this year if market conditions are favorable. The company has also received “takeover interest” from large drugmakers at a valuation of over $1B, according to a Bloomberg report.
Carmot had a post-money valuation of $1.25B following a $150M funding round in May, Bloomberg added.
Leading developers of GLP-1 drugs include Eli Lilly (LLY), Novo Nordisk (NVO), Amgen (AMGN) and Pfizer (PFE).
On Friday, shares of Structure Therapeutics (GPCR), which went public in February, soared on positive Phase 1 data for its orally administered GPL-1 drug.
