Lycia Therapeutics (LYCA) raises $317.5 million in one of biotech's bigger IPOs this year
As seen on the 24/7 Wall St. homepage on October 23, 2026.
Lycia Therapeutics prices IPO at $18, raising $317.5 million
Lycia Therapeutics priced at $18 a share, pulling in $317.5 million on 17.64 million shares, one of the larger biotech raises to clear this year. Jefferies, TD Cowen, Evercore ISI and Guggenheim led the book, and shares start trading with the protein degradation story fully funded.
Continue ReadingShow less
Lycia Therapeutics priced its IPO at $18 a share to raise $317.5 million, a haul that ranks among the larger biotech offerings to get done this year. The company will trade on Nasdaq.
The deal drew a heavyweight syndicate: Jefferies, TD Cowen, Evercore ISI, and Guggenheim Securities all ran the books. That kind of multi-bank lead arrangement typically signals strong institutional demand across a broad investor base, and it helped get the offering over the line at a clean price.
The central pitch that went to investors is a protein degradation platform, a class of drug discovery technology aimed at eliminating disease-causing proteins that traditional small molecules cannot easily reach. With $317.5 million now in hand, the company enters the public market with its research programs fully funded.
For investors watching the biotech IPO window, a deal of this size clearing at the stated price is a meaningful data point about appetite for early-stage therapeutic platforms right now. Shares begin trading on Nasdaq, and the first sessions will show whether that institutional enthusiasm extends to the open market.
Mentioned: LYCA