Lycia Therapeutics raises $318 million in IPO to fund protein degrader programs

Lycia Therapeutics, a biotech focused on protein-degrading medicines, priced its initial public offering at about $318 million.

The proceeds will be used to advance three LYTAC drug candidates, including LCA-0061, targeting allergic conditions and Graves' disease.

The company exceeded its original share target, selling roughly 3 million more shares than planned, and will begin trading on Nasdaq under the ticker LYCA.

Lycia was co-founded by Nobel laureate Carolyn Bertozzi, whose work on click chemistry underpins the LYTAC platform that directs extracellular proteins to lysosomes for degradation.