Overview
Lycia Therapeutics Inc., a Phase 1 biotechnology company developing protein degraders for food allergy and Graves’ disease, priced its initial public offering at $18 per share, the top of the marketed range of $16‑$18.
Offering Details
The IPO comprised 17.6 million shares, generating gross proceeds of $318 million. The company had originally intended to sell 14.7 million shares, so the final deal size was about 27 % larger than initially planned. At the pricing, Lycia’s fully‑diluted market capitalization was approximately $1.1 billion.
Allocation
Demand for the shares was several times the supply, with strong interest from long‑only and healthcare‑focused investors. However, zero shares were allocated to half of the investors who placed orders. The top 25 investors received 95 % of the total shares allotted.
Listing
The shares are scheduled to commence trading on the Nasdaq Global Select Market later the same day under the ticker symbol “LYCA”.
Underwriters
The offering was managed by Jefferies Financial Group Inc., Toronto‑Dominion Bank, Evercore Inc., and Guggenheim Securities.