Lycia Therapeutics priced an initial public offering at $317.5 million, a step aimed at funding its pipeline of protein-degrading therapies for allergic conditions and Graves’ disease. The company is founded by Nobel Prize winner Carolyn Bertozzi, and the deal values it at a level tied to investors’ appetite for differentiated protein degradation platforms. The IPO comes as the market weighs whether first-wave degrader candidates can convert early clinical biology into repeatable efficacy and safety. Lycia’s proceeds are expected to support development across a trio of programs. For the broader ecosystem, the financing signals continued capital accessibility for modality-first biotechs, even as investors focus tightly on target selection and early tolerability data.