Protein degrader specialist Lycia priced a $318 million IPO, raising funds to support a pipeline of protein-degrading medicines aimed at allergic conditions and Graves’ disease. The company’s strategy centers on targeted protein degradation as a modality to modulate disease-relevant biology with potentially improved therapeutic selectivity. Lycia said proceeds from the offering will back multiple programs, described as a trio of medicines in development. An IPO in the protein degrader space continues to broaden investor exposure to the category beyond platform-led private rounds. It also heightens competition for talent and partnering bandwidth as developers race to move first-in-human concepts toward proof-of-mechanism and clinical differentiation. Near-term catalysts for Lycia are expected to include clinical progress across lead degrader candidates and validation of therapeutic indexes in relevant immunology indications.