By Yahoo! Finance | Created at 2024-09-26 19:05:59 | Updated at 2024-09-30 09:31:35
3 days ago
Shares of BioAge Labs (BIOA) rallied Thursday on the company's upsized initial public offering, reflecting enthusiasm for the Eli Lilly partner's approach to obesity treatments.
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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. But in midday trades, BioAge Labs stock was trading at 23, up 27.8%.
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 (GPCR) 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.
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