Maze Therapeutics Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Maze Therapeutics (Nasdaq: MAZE), a clinical-stage biopharmaceutical company focused on developing precision medicines for renal, cardiovascular and metabolic diseases, has announced the pricing of its upsized initial public offering. The company is offering 8,750,000 shares of common stock at $16.00 per share, expecting to raise gross proceeds of $140.0 million.

The shares will begin trading on the Nasdaq Global Market on January 31, 2025, under the symbol 'MAZE'. The company has granted underwriters a 30-day option to purchase up to an additional 1,312,500 shares. The offering is expected to close on February 3, 2025. J.P. Morgan, TD Cowen, Leerink Partners and Guggenheim Securities are serving as joint bookrunning managers for the IPO.

Positive

• Successful pricing of upsized IPO raising $140.0 million in gross proceeds
• Strong underwriting support from major investment banks
• Potential for additional capital through 1,312,500 share overallotment option

Negative

• Dilution of existing shareholders through new share issuance

Insights

IPO & Biotech Financial Analyst

The successful pricing of Maze Therapeutics' upsized IPO at $16.00 per share, raising $140M in gross proceeds, represents a significant milestone in the current challenging biotech funding environment. The pricing within the expected range and the upsizing of the offering suggest strong institutional investor interest, particularly noteworthy given the selective nature of today's biotech IPO market.

The high-caliber underwriting syndicate, led by J.P. Morgan and including TD Cowen, Leerink Partners and Guggenheim Securities, adds substantial credibility to the offering. These banks typically select deals with robust science and clear development pathways, indicating confidence in Maze's genetic-driven drug discovery platform and pipeline potential.

The company's focus on genetic insights for developing precision medicines in renal, cardiovascular and metabolic diseases addresses substantial market opportunities with significant unmet needs. The size of the raise should provide meaningful runway for advancing their clinical programs, particularly important given the current market emphasis on capital efficiency and clear value-creating milestones.

The inclusion of a 30-day option for underwriters to purchase up to 1,312,500 additional shares (15% of the base offering) at the IPO price provides flexibility for additional capital raising if demand warrants. Trading under the symbol 'MAZE' on Nasdaq will provide public market investors access to this emerging precision medicine platform, while the company gains the advantages of public market capital access for future development needs.

SOUTH SAN FRANCISCO, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) -- Maze Therapeutics, Inc. (Nasdaq: MAZE), a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel, small molecule precision medicines for patients living with renal, cardiovascular and related metabolic diseases, today announced the pricing of its upsized initial public offering of 8,750,000 shares of its common stock at a public offering price of $16.00 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $140.0 million. All shares of common stock to be sold in the offering will be sold by Maze Therapeutics. In addition, Maze Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 1,312,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the Nasdaq Global Market on January 31, 2025, under the symbol “MAZE.” The offering is expected to close on February 3, 2025, subject to the satisfaction of customary closing conditions.

J.P. Morgan, TD Cowen, Leerink Partners and Guggenheim Securities are acting as the joint bookrunning managers for the offering. The offering is being made only by means of a prospectus.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on January 30, 2025. The offering is being made only by means of a prospectus. A copy of the final prospectus may be obtained, when available, from J.P. Morgan Securities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or email: prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (855) 495-9846, or by email at TD.ECM_Prospectus@tdsecurities.com; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at 1-(800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Maze Therapeutics

Maze Therapeutics is a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel, small molecule precision medicines for patients living with common diseases, with a focus on renal, cardiovascular and related metabolic, including obesity. The company is advancing a pipeline using its Compass platform, which provides insights into the genetic variants in disease and links them with the biological pathways that drive disease in specific patient groups. The company’s pipeline is led by two wholly owned lead programs, MZE829 and MZE782, each of which represents a novel precision medicine-based approach for chronic kidney disease.

For further information, please contact:

Investors:
Jillian Connell, Maze Therapeutics
jconnell@mazetx.com
(650) 850-5080

Media:
Dan Budwick, 1AB
dan@1abmedia.com

FAQ

What is the IPO price for Maze Therapeutics (MAZE) shares?

Maze Therapeutics has priced its IPO at $16.00 per share.

How many shares is Maze Therapeutics (MAZE) offering in its IPO?

Maze Therapeutics is offering 8,750,000 shares of common stock, with an additional 30-day option for underwriters to purchase up to 1,312,500 shares.

When will MAZE stock begin trading on Nasdaq?

MAZE shares are expected to begin trading on the Nasdaq Global Market on January 31, 2025.

How much money is Maze Therapeutics raising in its IPO?

Maze Therapeutics expects to raise gross proceeds of $140.0 million from the IPO, before deducting underwriting discounts and other offering expenses.

Who are the underwriters for the Maze Therapeutics IPO?

J.P. Morgan, TD Cowen, Leerink Partners and Guggenheim Securities are acting as the joint bookrunning managers for the offering.