Allergy and immunity biotechnology company Lycia Therapeutics (LYCA.US) has an IPO price of $16-18 per share and plans to raise US$250 million

The Zhitong Finance App learned that biotech company Lycia Therapeutics announced initial public offering (IPO) terms on Tuesday. The South San Francisco, California-based company plans to raise $250 million by issuing 14.7 million shares, with an issue price range of $16 to $18 per share. Based on the midpoint of the proposed offering price range, the fully diluted market value of Lycia Therapeutics will reach approximately US$950 million.

Lycia Therapeutics is dedicated to developing therapies designed to degrade disease-causing extracellular proteins, with an initial focus on autoimmune, inflammatory, and allergic diseases. The technology platform is called LYTAC (Lysosomal Targeted Chimera) and is based on Nobel Prize winner Carolyn Bertozzi's research work at Stanford University. Its main drug candidate, LCA-0061, aims to degrade immunoglobulin E (IgE) to treat allergic diseases including food allergies, and is currently in phase 1 clinical trials. Preliminary data from the first batch of 8 healthy atopic subjects (2 of whom received placebo) showed that the IgE levels of the drug subjects decreased by up to 96% from baseline. The second IgE drug candidate LCA-0062 is currently undergoing preparations prior to IND declaration. Additionally, the company is conducting a phase 1 clinical trial of LCA-0321, which aims to selectively degrade autoantibodies that cause Graves disease. Graves' disease is an autoimmune thyroid disorder.

Lycia Therapeutics was founded in 2019 and achieved revenue of US$4 million in the 12 months ending June 30, 2026. The company plans to list on NASDAQ under the stock symbol LYCA. Jefferies, TD Securities, Evercore ISI, Guggenheim Securities, and LifeSci Capital acted as joint bookkeepers for this offering. Pricing is expected for the week of October 19.