Lycia Therapeutics sets IPO terms with a $250 million target
As seen on the 24/7 Wall St. homepage on October 20, 2026.
Terms set: $16-$18 range, roughly $250 million sought
Lycia Therapeutics just put numbers on its Nasdaq debut: 14.7 million shares at $16 to $18, or about $250 million at the top. Jefferies, TD Cowen and Evercore ISI are leading, and pricing is the next move for anyone tracking the extracellular protein degradation race.
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Lycia Therapeutics has filed amended IPO terms with the SEC, a deal that would raise just under $250 million for a biotech carving out space in extracellular protein degradation.
Jefferies, TD Cowen, and Evercore ISI are leading the offering, and the amended filing means terms have been revised since the initial submission as the company and its banks calibrate demand ahead of pricing.
Extracellular protein degradation is a relatively young therapeutic approach aimed at clearing disease-driving proteins that sit outside the cell, distinct from the more established intracellular degrader platforms. Lycia's bid to go public on Nasdaq puts a formal price on where it stands in that race.
Pricing is the next concrete event to track, since the final price will confirm whether demand landed at, above, or below the range the company and its underwriters are now publicly defending.