Drug developer Lycia Therapeutics targets $938 million valuation in US IPO

Drug developer Lycia Therapeutics said on Tuesday it was targeting a valuation of up to $937.7 million in its US initial public offering, as biotech companies flock to the IPO market.

The South San Francisco, California-based company is seeking to raise up to $264.6 million in the IPO by offering 14.7 million shares priced between $16 and $18 apiece.

The healthcare sector has anchored the fall IPO window this year in an otherwise lackluster market as investors become selective in a higher rate environment.


Drug developers City Therapeutics and Nvidia-backed Iambic Therapeutics went public in New York last week.

Jefferies, TD Cowen, Evercore ISI, and Guggenheim Securities are joint book-running managers. Lycia will list on the Nasdaq under the symbol "LYCA".