BioAge, obesity drug developer, upsizes proposed IPO

BioAge Labs (BIOA), which is developing a drug to augment popular weight-loss medications such as Wegovy and Zepbound, has upsized its proposed initial public offering to approximately $189M.

In a recent SEC filing, BioAge (BIOA) said it now intends to offer 10.5M shares priced between $17 and $19 per share, which would raise around $189M if priced at the midpoint. In an earlier filing, the company was looking to offer 7.5M shares in the same price range.

BioAge (BIOA) hopes to list its shares on Nasdaq under the symbol BIOA. Lead bookrunners on the deal include Goldman Sachs, Morgan Stanley, Jefferies and Citigroup.

BioAge’s (BIOA) lead asset, azelaprag, is licensed from Amgen (AMGN). Preclinical studies have indicated that when used in combination with GLP-1R agonists, the drug can help increase weight loss while preserving muscle function, according to the filing.

The company has initiated a Phase 2 study of the drug in combination with Eli Lilly’s (LLY) Zepbound, also known as tirzepatide, with topline results anticipated in Q3 2025. A Phase 2 study of the drug in combination with Novo Nordisk’s (NVO) Wegovy, also known as semaglutide, is expected to begin the first half of 2025, with topline data anticipated in the second half of 2026.

BioAge (BIOA) also said in the recent filing that it expects to privately place $10.6M of its common stock with existing stockholder Sofinnova Venture Partners concurrent with the IPO.