Joint Bookrunner on Sagimet Biosciences’ $175MM Follow-On Offering

Oppenheimer & Co. Inc. acted as Joint Bookrunner on Sagimet Biosciences’ $175MM Follow-On Offering

Sagimet Biosciences, a clinical-stage biopharmaceutical company developing novel therapeutics targeting dysfunctional metabolic and fibrotic pathways, announced the pricing of an underwritten offering of 29,166,700 shares of its Series A common stock at a price of $6.00 per share. The gross proceeds from the offering are expected to be approximately $175.0 million, before deducting underwriting discounts and commissions and other offering expenses.

Sagimet intends to use the net proceeds from the offering, together with its existing cash, cash equivalents and marketable securities, to fund a Phase 3 clinical trial for denifanstat in acne, fund TVB-3567 through Phase 2 topline results, advance a topical formulation FASN inhibitor to IND submission and for general corporate purposes, including additional clinical development, working capital and operating expenses. The Company currently expects that its existing cash and cash equivalents, together with the proceeds from the offering, will fund its acne programs through 2028 and the readout of the Company’s planned denifanstat Phase 3 clinical trial in moderate to severe acne.

The financing included participation from new and existing investors, including Balyasny Asset Management, Blue Owl Healthcare Opportunities, BVF Partners L.P., Caligan Partners, Coastlands Capital, Farallon Capital Management, Great Point Partners, LLC, Woodline Partners LP and a Large Mutual Fund.

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