[1] Boldenone is a substrate for 5α-reductase and may be converted by this enzyme into 1-testosterone (δ1-dihydrotestosterone, δ1-DHT, dihydroboldenone) in tissues that express it such as the skin, hair follicles, and prostate gland.

[2][3][6] It is the C17β undecylenate (undecenoate) ester of boldenone (δ1-testosterone, 1-dehydrotestosterone, or androsta-1,4-dien-17β-ol-3-one), which itself is the C1(2) dehydrogenated analogue of testosterone and a naturally occurring androgen found in the scent gland of Ilybius fenestratus (a species of aquatic beetle).

[2][3] Boldenone was reportedly patented by Ciba in 1949, and esters of the compound were developed by the company in the 1950s and 1960s.

[6] One such ester, boldenone undecylenate, was introduced for clinical use as an injectable AAS under the brand name Parenabol in the 1960s.

[6] Squibb introduced boldenone undecylenate for veterinary use under the brand name Equipoise.

[2][3][5] Boldenone undecylenate is or has been marketed under a number of brand names including Boldane, Equipoise, Parenabol, and Vebonol among others.

[2][3][5][6] Boldenone undecylenate remains marketed for veterinary use in Australia and the United States.