Shares of weight-loss drug developer Metsera jumped nearly 42% in a strong Nasdaq debut on Friday, valuing the ARCH Venture Partners-backed biotech firm at $2.68 billion.

Metsera has set its sights on a hefty $289 million IPO as the next-gen obesity biotech seeks to fund a phase 3 trial of its GLP-1 receptor agonist. | Metsera has set its sights on a hefty $289 million IPO as the next-gen obesity biotech seeks to fund a phase 3 trial of its GLP-1 receptor agonist.

Metsera is aiming to put its weight loss drug MET-097i, which boasts of a longer half-life, through Phase III trials.

Biotech company Metsera, which develops weight-loss drugs and is backed by ARCH Venture Partners, said on Monday that it is aiming for a valuation of up to $1.78 billion in its U.S. IPO. The global weight-loss drug market,

The GLP-1 IPO arena has been heating up for the past two years and Metsera’s ask is one the largest in recent history.