The offering, which was upsized twice, will support development of a drug the company believes can boost the effects of popular weight loss medicines like Eli Lilly’s Zepbound.

Obesity-focused biotech BioAge Labs said on Wednesday it was seeking a valuation of as much as $587 million in its initial public offering in the United States, according to a regulatory filing. Healthcare firms have done comparatively well in an otherwise subdued U.

BioAge Labs, a clinical-stage biotech firm focused on obesity and metabolic disease therapies, aims to raise up to $157.5 million through its initial public offering and private placement, Bloomberg reported Sept. 18. The company plans to offer 7.5 million shares priced between $17 and $19 each, according to a filing with the Securities and Exchange Commission. At the top of the price range, BioAge's market valuation could reach $587 million. Previously, the company had a valuation of $394 million after raising $194 million in a Series D funding round in February.