Shares of BioAge Labs rallied early Thursday, but closed with a modest gain, on the company's upsized initial public offering, reflecting enthusiasm for the Eli Lilly partner's approach to obesity treatments.
The Richmond, Calif.-based company plans to raise $189 million by offering 10.5 million shares at a range of $17 to $19 per share, according to Renaissance Capital. At the close, BioAge Labs stock rose 1.7% to 18.31.
BioAge's most advanced product is called azelaprag. Azelaprag is an oral obesity treatment that mimics the activity of apelin. Apelin is a protein the body secretes after exercise. Structure Therapeutics is also working on an apelin-focused pill.
Notably, BioAge Labs is also working with Eli Lilly to test a combination of its drug with Lilly's tirzepatide. Lilly sells tirzepatide as the weight-loss drug Zepbound.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
