Metsera, which is developing weight-loss drugs, said on Monday it is seeking a valuation of up to $1.78 billion in its U.S. IPO, aiming to capitalize on Wall Street's insatiable appetite for such treatments.

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.

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.