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Sagimet Biosciences Announces Pricing of $175.0 Million Underwritten Offering of Series A Common Stock

SGMT
  • Sagimet Biosciences Inc. priced an underwritten offering of 29,166,700 shares of Series A common stock at $6.00 per share.
  • The company intends to sell all shares in the offering, generating approximately $175.0 million in gross proceeds before deducting discounts, commissions, & other expenses.
  • The offering is expected to close on or about April 28, 2026, subject to customary closing conditions.
  • Participation in the financing came from new & 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, & a Large Mutual Fund.
  • Joint bookrunning managers for the offering are Leerink Partners, TD Cowen, Guggenheim Securities, & Oppenheimer & Co.
  • Co-lead managers include Canaccord Genuity, H.C. Wainwright & Co., & Jones.
  • Sagimet plans to use net proceeds to fund a Phase 3 clinical trial for denifanstat in acne, advance TVB-3567 through Phase 2, move a topical FASN inhibitor to IND submission, & cover general corporate purposes.
  • The company expects its existing cash & the offering proceeds to fund acne programs through 2028, including the readout of the denifanstat Phase 3 trial.
  • The shares were issued under a Form S-3 shelf registration statement declared effective on August 26, 2024.
  • Sagimet is a clinical-stage biopharmaceutical company developing novel FASN inhibitors to target metabolic & fibrotic pathways associated with palmitate overproduction.