Obesity drug maker BioAge targets $158 million in IPO

The company is offering 7.5 million shares at $17 to $19 apiece, according to a Wednesday filing with the U.S. Securities and Exchange Commission. Separately, Sofinnova Venture Partners XI LP, an existing shareholder, is expected to buy about $15 million worth of shares at the IPO price in a private placement.

At the top of the price range, BioAge would have a market value of about $587 million, based on the outstanding shares listed in the filing.

Richmond, Calif.-based BioAge was valued at $394 million after raising $194 million in a Series D round in February, according to data provider PitchBook.

Its top shareholders are co-founder and chief executive Kristen Fortney, who controls 9.8 percent of the company, and entities affiliated with Andreessen Horowitz and Khosla Ventures, with 9.4 percent and 8 percent, respectively, as beneficial owners, the filing shows.

The offering is led by Goldman Sachs Group Inc., Morgan Stanley, Jefferies Financial Group Inc. and Citigroup Inc. The company plans to have its shares traded on the Nasdaq Global Market under the symbol BIOA.