BioAge Labs is heading to Wall Street after months of speculation that the Eli Lilly-partnered cardiometabolic biotech was planning to join the public markets.
The company’s investor prospectus officially dropped Tuesday afternoon, with the company planning to trade under the ticker BIOA. The offering is being underwritten by Goldman Sachs, Morgan Stanley, Jefferies and Citi. The company didn’t say how much it hopes to raise in the filing.
BioAge has been one of the most closely-watched biotechs in the weight loss space, with its lead asset azelaprag a Phase 2 trial where it’s being tested alongside Lilly’s tirzepatide. A second Phase 2 study is set to begin in the first half of 2025, testing azelaprag with Novo Nordisk’s semaglutide. Azelaprag has piqued interest with early data showing it could help prevent muscle loss, one of the key drawbacks of the current class of incretin meds.
The Phase 2 trial with Lilly is part of a larger collaboration between the two companies. Recently, Lilly’s venture arm participated in BioAge’s $170 million Series D financing. That round, which closed in February, was led by Sofinnova Investments and briefly landed managing partner Jim Healy as board chairman. Late last month, Healy stepped down from that role (but stayed on the board) and was replaced by former GSK CEO Jean-Pierre Garnier. Other investors in the latest round included RA Capital, OrbiMed and RTW Investments, among others.
The biotech was co-founded and is led by CEO Kristen Fortney, who launched it nine years ago in 2015. It began with a broad focus on stymieing age-related degeneration but has since narrowed its work to the cardiometabolic field.
Editor’s note: This story was updated to clarify that BioAge’s second Phase 2 study is planned for the first half of 2025.