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Obesity drugmaker BioAge targets $158 million in IPO

September 19, 2024
in Business
Reading Time: 1 min read
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Obesity drugmaker BioAge targets $158 million in IPO

BioAge Labs Inc., a clinical-stage biotechnology company developing therapies for obesity and metabolic disease, is seeking to raise as much as $157.5 million in its initial public offering and a private placement.

The company is offering 7.5 million shares for $17 to $19 apiece, according to a filing Wednesday with the US Securities and Exchange Commission. Separately, Sofinnova Venture Partners XI LP, an existing shareholder, is expected to purchase about $15 million worth of shares at the IPO price in a private placement.

At the top of the price range, BioAge would have a market value of about $587 million, based on the outstanding shares listed in the filing.

BioAge, based in Richmond, California, had a valuation of $394 million after raising $194 million in a Series D round in February, according to data provider PitchBook.

Its top shareholders are co-founder and Chief Executive Officer Kristen Fortney, who controls 9.8% of the company, and entities affiliated with Andreessen Horowitz and Khosla Ventures, with 9.4% and 8% beneficial ownership respectively, the filing shows. 

The offering is being led by Goldman Sachs Group Inc., Morgan Stanley, Jefferies Financial Group Inc. and Citigroup Inc. The company plans for its shares to trade on the Nasdaq Global Market under the symbol BIOA.

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