Biotechnology startup BioAge Labs (BIOA.US) plans to set its IPO price at $17-19 per share, aiming to raise $135 million.

Biotechnology startup BioAge Labs (BIOA.US) announced its IPO terms on Wednesday, planning to issue 7.5 million shares at a price range of $17 to $19 per share, 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' market value will reach $602 million. BioAge Labs is a clinical-stage biopharmaceutical company focused on developing therapeutic product candidates for human aging biology, obesity, and metabolic diseases. The company's main focus is on metabolic diseases, which are among the largest healthcare challenges globally. BioAge Labs' primary candidate, Azelaprag, is an oral small molecule that showed good tolerance in 8 Phase 1 clinical trials involving 265 subjects. In preclinical obesity models, azelaprag was shown to increase weight loss induced by glucagon-like peptide-1 receptor (GLP-1R) agonists by over two-fold, while also restoring healthy body composition and improving muscle function. BioAge Labs reported operating losses of $39.97 million in 2022 and $48.4 million in 2023; net losses were $39.72 million and $63.85 million, respectively. In the first half of 2024, the company reported operating losses of $28.08 million, compared to $24.91 million in the same period of the previous year; net losses were $26.57 million, compared to $28.27 million in the previous year. Goldman Sachs Group, Inc., Morgan Stanley, Jefferies, and Citigroup are the joint book-running managers for the transaction. Pricing is expected to take place during the week of September 23rd.