Carmot Therapeutics, a biotech developing therapies for diabetes and obesity, has agreed to be acquired by Swiss pharmaceutical giant Roche, according to a press release filed on Monday morning. Roche will pay $2.7 billion upfront, plus up to $400 million in milestone payments. The transaction is expected to close in the first quarter of 2024.
Carmot Therapeutics had filed for a US IPO on November 17, 2023, indicating an intention to list in early December. It was one of only a handful of companies in the IPO pipeline that still appeared to be targeting a 2023 listing, and its acquisition further signals a slow end to the year.
The biotech's lead candidate, CT-388, is a Phase-2 ready dual GLP-1/GIP agonist targeting the treatment of obesity and its comorbidities via weekly injections. Other candidates include CT-996, a daily oral small molecule GLP-1 receptor agonist, and CT-868, a daily subcutaneous injectable dual GLP-1/GIP receptor agonist.
The Berkeley, CA-based company was founded in 2008 and had planned to list on the Nasdaq under the symbol CRMO. J.P. Morgan, BofA Securities, Piper Sandler, and Guggenheim Securities were set to be the joint bookrunners on the deal
