Jan 28 (Reuters) - Eikon Therapeutics is targeting a valuation of up to $908.2 million in its U.S. initial public offering, the drug developer said on Wednesday, as biotech listings make a comeback after
a torrid 2025.
The Millbrae, California-based company is seeking to raise up to $317.7 million in the IPO by offering 17.65 million shares priced between $16 and $18 apiece.
Eikon's offering comes against the backdrop of a busy slate of potential biotech listings in the first few months of 2026. Drug developers SpyGlass Pharma, AgomAb Therapeutics and Veradermics also filed for IPOs in January.
This also comes on the heels of the successful New York flotation of Eli Lilly-backed cancer drug developer Aktis Oncology earlier this month. Its shares have gained nearly 18% as of last close.
Founded in 2019 by Chemistry Nobel prize winner Eric Betzig, Xavier Darzacq, Luke Lavis, and Robert Tjian, Eikon is developing a potential treatment pipeline for various cancers.
The company is led by industry veteran Roger Perlmutter, the former Merck research chief, who is considered a major force behind the success of its blockbuster cancer treatment Keytruda.
Eikon's most advanced candidate, EIK1001, in combination with Keytruda, is in a mid-to-late stage study to treat a type of skin cancer. An interim analysis for the trial is expected in the second half of 2026.
Since its inception, Eikon has raised more than $1 billion from investors. Its major backers include venture firms Lux Capital, Foresite Capital and The Column Group.
J.P. Morgan, Morgan Stanley, BofA Securities, Cantor and Mizuho are the underwriters for Eikon's offering. The company aims to list on the Nasdaq under the trading symbol "EIKN".
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
