Weight-loss drug developer BioAge raises $198 million in U.S. IPO

Reuters

September 25, 2024 at 8:29 p.m.·2 min read

(Reuters) -BioAge Labs has raised $198 million after pricing its upsized U.S. initial public offering at the midpoint of the targeted range at $18 per share, the weight-loss drug developer said on Wednesday.

The surging popularity of weight-loss drugs, expected to be a $150 billion market by early 2030s, has whetted investor appetite in companies looking to tap into the boom.

BioAge priced its offering of 11 million shares at $18 each, within its marketed range of $17 and $19 apiece.

The IPO valued the Richmond, California-based company at $606 million.

Meanwhile, buoyant U.S. stock markets and hopes of a "soft landing" for the world's largest economy have breathed life into a moribund U.S. IPO market.

The company had initially planned to sell 7.5 million shares, but upsized the offering to 10.5 million shares.

BioAge is developing a pill, azelaprag, in combination with leading weight-loss treatments such as Eli Lilly's Zepbound and Novo Nordisk's Wegovy.

The company has initiated a mid-stage study in combination with Zepbound and expects to report data in the third quarter of 2025.

BioAge also plans to initiate a second mid-stage study with Wegovy in the first half of 2025, with data expected in the second half of 2026.

Part of the IPO proceeds will be used to advance azelaprag development into late-stage studies.

MBX Biosciences, which is developing therapies that target conditions such as diabetes and obesity, also went public earlier this month.

BioAge in February raised $170 million in a funding round led by investment firm Sofinnova Investments.

BioAge's shares are expected to start trading on the Nasdaq Global Market on Thursday under the symbol "BIOA".

Goldman Sachs, Morgan Stanley, Jefferies and Citigroup are the underwriters for the offering.

(Reporting by Arasu Kannagi Basil and Devika Nair in Bengaluru; Editing by Sriraj Kalluvila and Rashmi Aich)

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