Eikon Therapeutics on Wednesday outlined plans for a U.S. initial public offering that would peg the companys valuation at as much as $908.2 million. The Millbrae, California-based drug developer is seeking to raise up to $317.7 million through an offering of 17.65 million shares, with an indicated price range of $16 to $18 per share.
The filing situates Eikon among a cluster of drug developers moving toward public listings early in 2026. The companys planned offering arrives in a period the filing describes as a resurgence for biotech listings, with several peers entering the IPO process. Among other companies that submitted registration documents in January are SpyGlass Pharma, AgomAb Therapeutics, and Veradermics.
Eikons timing follows a recent successful flotation in New York: Aktis Oncology, a cancer drug developer backed by Eli Lilly, completed its IPO earlier this month and has seen its shares trade higher since listing. Aktis Oncologys shares were up nearly 18% as of the most recent market close, a performance detail noted in connection with Eikons filing.
For the Eikon transaction, J.P. Morgan, Morgan Stanley, BofA Securities, Cantor, and Mizuho are named as underwriters. The company has indicated plans to list on the Nasdaq exchange, where it would trade under the ticker symbol EIKN.
The filing provides the concrete financing targets and pricing band for the offering but does not expand on the use of proceeds or product-stage detail in the statement. It does, however, place Eikon squarely within a wave of potential biotech public offerings that market participants will be watching in the coming months. The proposed valuation and targeted proceeds reflect the companys immediate market objectives as it seeks a public listing.
Context and next steps
Eikon has set a concrete share count and price range for the offering, and it has designated the lead underwriters that will manage the transaction. The company will list on Nasdaq under the symbol EIKN if the offering proceeds as filed.