BioAge Labs Raises $198 Million in Upsized IPO, Valued at $640 Million

Sep 26, 2024, 06:15 AM

BioAge Labs, a developer of obesity drugs, has raised $198 million in its upsized U.S. initial public offering. The company priced its IPO at the midpoint of the targeted range, $18 per share, and increased its share offering from 10.5 million to 11 million shares. The IPO, which was initially planned to raise $199.5 million, saw shares open at $22.50, marking a 25% increase on the first trade. BioAge Labs plans to use the proceeds to advance its lead obesity drug candidate, azelaprag, further into clinical trials. The company aims to target the biology of aging to develop new therapies for metabolic diseases. BioAge Labs is now listed on the Nasdaq under the ticker symbol $BIOA, with an initial valuation of up to $640 million.