BioAge Labs (BIOA.US) IPO priced at $17-$19/share, raising $135M

Biotech startup BioAge Labs (BIOA.US) on Wednesday announced its IPO terms, planning to price 7.5 million shares in the range of $17 to $19, raising $135 million.

Existing investor Sofinnova Venture Partners plans to invest $15 million in a concurrent private placement. At the midpoint of the proposed range, BioAge Labs would be valued at $602 million.

BioAge Labs is a clinical-stage biopharmaceutical company focused on developing therapeutic candidates targeting human aging biology, including obesity and other metabolic diseases. BioAge Labs' primary focus is on metabolic diseases, one of the largest healthcare challenges globally. BioAge Labs' primary candidate, Azelaprag, is an oral small molecule that demonstrated good tolerability in 8 Phase 1 clinical trials in 265 subjects. In preclinical obesity models, Azelaprag showed the ability to double weight loss induced by a glucagon-like peptide-1 receptor (GLP-1R) agonist, while restoring healthy body composition and improving muscle function.

BioAge Labs reported operating losses of $39.97 million in 2022 and $48.40 million in 2023; net losses of $39.72 million and $63.85 million, respectively.

The Company reported an operating loss of $2.808 million in the first half of 2024, compared to an operating loss of $2.491 million in the same period last year; a net loss of $2.657 million, compared to a net loss of $2.827 million in the same period last year.

Goldman, Morgan Stanley, Jefferies, and Citigroup are joint bookrunners for the transaction, which is expected to price during the week of September 23.