Eikon Therapeutics targets $908.2 million valuation in U.S. IPO

Investing.com -- Eikon Therapeutics announced Wednesday it is targeting a valuation of up to $908.2 million in its upcoming U.S. initial public offering, as biotech listings experience a resurgence.

The Millbrae, California-based drug developer aims to raise up to $317.7 million by offering 17.65 million shares priced between $16 and $18 each.

Eikon's offering comes amid a busy schedule of potential biotech listings in the first few months of 2026. Several other drug developers, including SpyGlass Pharma, AgomAb Therapeutics, and Veradermics, filed for IPOs in January.

The company's move follows the successful New York flotation of Eli Lilly-backed cancer drug developer Aktis Oncology earlier this month. Aktis Oncology's shares have gained nearly 18% as of the last market close.

J.P. Morgan, Morgan Stanley, BofA Securities, Cantor, and Mizuho are serving as underwriters for Eikon's offering. The company plans to list on the Nasdaq under the trading symbol "EIKN".

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