Lycia Therapeutics priced an upsized initial public offering, raising about $317.5 million (reported as $318 million) to fund multiple programs in development. The company—founded by Nobel Prize winner Carolyn Bertozzi—focuses on protein degradation for immune and allergic diseases. The offering is described as supporting a trio of protein-degrading medicines, including development work for allergic conditions and Graves’ disease. The IPO strengthens Lycia’s runway for clinical advancement and manufacturing and may also signal market receptivity for next-generation degradation platforms. The capital raise arrives alongside other protein-degrader activity in the market and will likely sharpen competitive dynamics for companies pursuing similar target engagement mechanisms. Separately, the broader biotech tape included discussion of halted clinical activity at Merck tied to a sac-TMT program, reflecting continued variability in oncology development timelines.