BioAge files for IPO, capitalizing on weight loss drug demand

BioAge Labs, the cardiometabolic biotechnology company partnered with Eli Lilly, is making its move to Wall Street after months of speculation regarding its public market debut. The company's investor prospectus was released recently, indicating that BioAge will trade under the ticker symbol BIOA. Leading financial firms such as Goldman Sachs, Morgan Stanley, Jefferies, and Citi are underwriting the offering. The amount BioAge aims to raise has not been disclosed in the filing.

BioAge's prominence in the weight loss biotech sector is largely due to its lead drug candidate, azelaprag, which is currently undergoing a Phase 2 trial in conjunction with Lilly’s tirzepatide. Another Phase 2 trial is scheduled to begin in the first half of 2025, this time testing azelaprag alongside Novo Nordisk’s semaglutide. Early data have shown that azelaprag may help prevent muscle loss, a significant drawback of the existing incretin medications.

The collaboration with Eli Lilly is part of a broader partnership, highlighted by Lilly’s venture arm's participation in BioAge’s $170 million Series D financing round earlier this year. This round, which concluded in February, was spearheaded by Sofinnova Investments. At that time, Jim Healy, managing partner at Sofinnova, briefly took on the role of board chairman before stepping down and being succeeded by former GSK CEO Jean-Pierre Garnier. Other notable investors in this round included RA Capital, OrbiMed, and RTW Investments.

BioAge Labs was co-founded and is currently led by CEO Kristen Fortney. The company was established in 2015 with an initial broad mission to combat age-related degeneration. Over time, the focus has shifted more specifically to the cardiometabolic field, aligning with the company’s current research and development efforts.

The announcement of BioAge’s public offering represents a significant milestone for the company, which has been closely monitored due to its innovative approaches and strategic partnerships within the biotech sector.

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