BioAge stock rallies 29% following upsized $198M IPO
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BioAge Labs (NASDAQ:BIOA) shares rallied nearly 30% Thursday after the obesity drug developer made its market debut through an upsized $198M initial public offering.
Shares of BioAge (BIOA) recently sold for $23.30, up 29% from its offering price, at around 12:20 p.m. ET.
BioAge (BIOA) priced 11M shares at $18 per share. Underwriters were granted a 30-day option to buy up to 1.65M additional shares to cover any over-allotments.
Goldman Sachs, Morgan Stanley, Jefferies and Citigroup are serving as lead bookrunners for the deal.
Earlier this week, BioAge (BIOA) said in a filing it was looking to offer 10.5M shares priced between $17 and $19 per share. The company also anticipated concurrently privately placing $10.6M of its common stock with existing stockholder Sofinnova Venture Partners.
BioAge’s (BIOA) lead drug, 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 an SEC 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 in the first half of 2025, with topline data anticipated in the second half of 2026.