*

Septerna now offering 16 mln shares vs 15.3 mln shares

earlier

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Sets IPO price at $18 a share

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Drug developer backed by Goldman, Third Rock Ventures

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Listing follows a spate of biotech IPOs since September

(Adds pricing of IPO in paragraphs 1-2, background in paragraph

3)

By Arasu Kannagi Basil

Oct 24 (Reuters) - Biotech firm Septerna on Thursday

said it raised $288 million in its initial public offering that

has been upsized twice, a sign of upbeat investor sentiment for

the capital-intensive sector.

Septerna sold 16 million shares in the offering at $18 a

piece.

Earlier in the day, the drug developer had already upsized

the offering to nearly 15.3 million shares, from 10.9 million

shares and said it aimed to sell at $18 a piece versus an

earlier target range of $15 and $17 a share.

Goldman Sachs ( GS )-backed Septerna would be valued around

$750 million.

Drug developers have achieved resounding success in the fall

U.S. IPO market, with all the $100-million plus offerings since

September upsized.

Robust debuts by drug developers Bicara Therapeutics ( BCAX )

, MBX Biosciences ( MBX ), BioAge Labs ( BIOA ) and

Upstream Bio ( UPB ) are also encouraging potential candidates

in the sector to move ahead with their listings.

Septerna's lead experimental candidate, SEP-786, is being

developed to treat hypoparathyroidism - a condition in which the

body produces insufficient levels of parathyroid hormone that

disrupts calcium levels in the blood and bones.

The drug is in an early-stage study, with data expected in

mid-2025.

"Despite being in early stages, their pipeline is

diversified, spanning multiple large markets, including

immunology, metabolic diseases and obesity, providing several

paths to potential success," said IPOX research analyst Lukas

Muehlbauer.

Septerna is developing G-protein-coupled receptor (GPCR)

therapies. GPCR is 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.

Goldman owns a 5.4% stake in Septerna, which is also backed

by venture capital firm Third Rock Ventures.

"While this IPO shows investors will back select early-stage

companies, they likely remain selective based on factors such as

the quality of existing institutional investors and clear

commercial opportunities," Muehlbauer said.

Septerna will list on the Nasdaq under "SEPN".