Protein Degrader Biotech Lycia Seeks $228M in Nasdaq IPO at Up to $886M Valuation
Summary
Lycia Therapeutics set terms for a Nasdaq IPO: 14.7M shares at $16-$18, raising roughly $227.8M net at the midpoint and up to about $262.7M if underwriters exercise the full 2.2M-share option. At the top of the range the South San Francisco biotech would be valued at up to $885.6M, or $923.1M with the over-allotment. Proceeds fund clinical development of its two lead protein degraders, LCA-0061 for allergic diseases and LCA-0321 for Graves' disease, both still early-stage. Additional Phase 1 data for LCA-0061 and initial Phase 1 data for LCA-0321 are expected next year, making those readouts the first real test of the thesis after listing.
This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.