Veradermics Inc.'s initial public offering is expected to price at the top of its $14 to $16 marketing range Tuesday, according to a Bloomberg report Tuesday.

The clinical-stage pattern hair loss drug developer's offering is multiple times oversubscribed, with investors being told to expect tight allocations, the people said.

Eli Lilly & Co. indicated interest in purchasing up to 4.9% of the biotech's outstanding shares post-offering, according to a Tuesday filing with the U.S. Securities and Exchange Commission.

Shares are expected to begin trading on the New York Stock Exchange under the symbol MANE. The offering is expected to price Tuesday evening, according to a management presentation.

Jefferies Financial Group Inc., Leerink Partners, Citigroup Inc. and Cantor Fitzgerald are working as underwriters on the offering.

Representatives for Veradermics did not immediately respond to requests for comment.