Oct 21 (Reuters) - Septerna, a nearly three year-old

drug developer backed by Goldman Sachs ( GS ), is aiming for a

valuation of up to $628 million as it prepares to go public in a

booming market for biotech listings.

The company is looking to raise up to $186 million by

selling 10.9 million shares priced between $15 and $17 each, it

said in a filing on Monday.

Recently listed biotech firms, including those that are yet

to generate revenue, have thrived post their initial public

offerings.

Investors, who had often been selective about backing new

public companies in the last two years, looked past biotechs'

financials and rather focused on other signs of maturity such as

having products in clinical trials.

While Septerna has not yet fetched any revenue from product

sales, its lead candidate, SEP-786, is being evaluated in an

early-stage clinical trial.

SEP-786 is an oral drug to treat hypoparathyroidism. The

company expects to report data from the trial in mid-2025.

Optimism spurred by the U.S. Federal Reserve's policy easing

and a stock market rally could also enhance Septerna's prospects

in the IPO market.

The California-based company is developing G-protein-coupled

receptor (GPCR) therapies. GPCRs are a class of proteins that

serve as a main conduit for chemicals to get past a cell's

membrane and be taken up by a cell.

The significance of GPCRs was recognized in 2012 when the

Nobel Prize for chemistry was awarded to two American scientists

who pioneered research in the field.

J.P. Morgan, TD Cowen, Cantor and Wells Fargo Securities are

the underwriters for Septerna's IPO.

Goldman owns a 5.4% stake in Septerna, while

healthcare-focused venture capital firm Third Rock Ventures

holds 33.5%.