BioAge Labs, a Phase 2 biotech developing obesity therapies by targeting metabolic aging, raised the proposed deal size for its upcoming IPO on Wednesday.
The Richmond, CA-based company now plans to raise $189 million by offering 10.5 million shares at a price range of $17 to $19. The company had previously filed to offer 7.5 million shares at a range of $17 to $19. At the midpoint of the revised range, BioAge Labs will raise 40% more in proceeds than previously anticipated and command a fully diluted market value of $651 million.
The company's leading candidate, azelaprag, is an orally available small molecule that has shown encouraging results in preclinical and early clinical trials, particularly in enhancing weight loss when combined with GLP-1R agonists. Beyond weight loss, azelaprag may also improve body composition and muscle function by leveraging a unique technology platform and proprietary human datasets to identify promising targets linked to molecular changes associated with aging. BioAge Labs is currently conducting Phase 2 clinical trials to evaluate azelaprag's potential when combined with existing obesity treatments, aiming to develop an all-oral combination therapy for obesity. Topline data from the first of these trials is expected in the 3Q25. It is also advancing brain-penetrant NLRP3 inhibitors for neuroinflammation-driven diseases, with plans to submit an IND in the 2H25.
BioAge Labs was founded in 2015 and booked $0 in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol BIOA. Goldman Sachs, Morgan Stanley, Jefferies, and Citi are the joint bookrunners on the deal. It is expected to price during the week of September 23, 2024.
