Septerna Raises $288 Million in IPO Debut

Septerna, a biotech firm focused on developing drugs targeting G protein-coupled receptors (GPCRs), made a successful debut on the Nasdaq, with shares rising approximately 31% on their opening day, leading to a valuation of $970 million. The company upsized its initial public offering (IPO) to sell 16 million shares at $18 each, raising $288 million, ahead of its original plan which set a lower price range. CEO Jeffrey Finer celebrated this milestone by ringing the opening bell, reflecting growing investor interest in biotech firms, particularly those advancing drugs towards clinical testing. Septerna's lead candidate, SEP-786, aims to provide an oral treatment for hypoparathyroidism, currently managed with daily injections. This IPO comes amidst a trend of increasing investor confidence in biotech, following a challenging first half of the year for public listings. The company's early success is significant as it has yet to deliver clinical trial data for its lead drug, expected to enter mid-stage studies next year.