Three biotechs move toward IPOs as Lycia targets antibody degradation

Lycia Therapeutics filed for a proposed $100 million IPO to fund its pipeline of protein-degrading medicines for allergic and autoimmune diseases. Its lead candidate, LCA-0061, is in Phase 1 and is designed to degrade IgE, a driver of allergic conditions; the company is also developing candidates for food allergy and Graves’ disease.

TRex Bio set terms for a proposed Nasdaq IPO of 8.3 million shares at $14–$16 each, implying roughly $125 million at the midpoint before any underwriters’ option. Eli Lilly has indicated interest in buying about $13 million of shares. TRex is developing therapies for autoimmune and inflammatory diseases.

Retension Pharmaceuticals set terms for a proposed IPO of 3.3 million shares at $11–$13 each, targeting about $40 million at the midpoint. The Virginia-based company is focused on hypertension.

The three offerings reflect a busy biotech IPO market, but the reported figures are proposed terms, not final pricing or a guarantee that the offerings will be completed.