Feb 4 (Reuters) – Drug developer Eikon Therapeutics said on Wednesday it had raised $381.2 million in its U.S. initial public offering, selling about 21.2 million shares priced at $18 apiece.
This was at the high-end of the Roger Perlmutter-led company’s targeted range of $16 to $18 a share.
The offering comes as IPO activity shows signs of picking up in 2026, following a government shutdown in October of the previous year that forced many companies to delay their listing plans.
Biotech offerings are also seeing a resurgence early this year, with drug developers including SpyGlass Pharma and AgomAb Therapeutics filing for U.S. listings in January.
Eikon was founded in 2019 by Chemistry Nobel Prize winner Eric Betzig, along with Xavier Darzacq, Luke Lavis and Robert Tjian, and is developing a pipeline of experimental treatments for cancer.
Its most advanced drug candidate, EIK1001, is being tested in combination with Merck’s Keytruda in a mid-to-late stage trial for a form of skin cancer. The company expects an interim analysis from the study in the second half of 2026.
The company’s shares will start trading on the Nasdaq under the ticker symbol “EIKN” on Thursday.
J.P. Morgan, Morgan Stanley, BofA Securities, Cantor and Mizuho are underwriting the offering.
(Reporting by Atharva Singh in Bengaluru and Carlos Méndez in Mexico City; Editing by Sherry Jacob-Phillips and Rashmi Aich)
Comments