Lycia Therapeutics raises $317.5 million in IPO as Merck halts sac-TMT trial

Lycia Therapeutics, founded by Nobel laureate Carolyn Bertozzi, priced its initial public offering at about $317.5 million, bringing total proceeds to roughly $318 million.

The offering marks the company's debut on public markets and provides capital for its pipeline of antibody‑drug conjugates.

Separately, Merck announced the early termination of its sac‑TMT clinical trial, citing unspecified reasons.

The trial halt may affect Merck's timeline for that investigational therapy, while Lycia's IPO could support further development of its candidates.