Cancer-Busting Biopharma Group Eikon Therapeutics Set to be Valued at Near $1B in IPO

Cancer-fighting drug developer Eikon ‍Therapeutics is targeting a valuation of close to $1 billion in its U.S. IPO.

Raising $317.7 Million

The Californian late-stage clinical biopharmaceutical company said it is seeking to raise up to $317.7 million in the IPO by offering 17.65 million shares priced between $16 and $18 apiece. It is set to be valued at up to $908.2 million.

J.P. Morgan (JPM), Morgan Stanley (MS), BofA Securities (BAC), ‍Cantor and ⁠Mizuho (MFG) are the underwriters for Eikon’s offering. The company aims to list ⁠on the Nasdaq under the trading symbol “EIKN”.

Eikon, founded in ‍2019 by Chemistry Nobel prize winner Eric Betzig, Xavier Darzacq, Luke Lavis, and Robert Tjian, ‌is ‌developing a potential treatment pipeline for various types of cancers. It is now headed by Merck (MRK) veteran Roger Perlmutter.

Its most advanced candidate, EIK1001, in combination with the Merck-developed drug Keytruda, is in a mid-to-late stage study to treat a type of skin cancer. An interim analysis for the trial is ⁠expected in the ⁠second half of ​2026.

Perlmutter is a Draw

“The biggest draw may be CEO Roger Perlmutter,” said IPOX Research Associate Lukas Muehlbauer. Indeed, the former Merck research chief is considered to be one of the brains ⁠behind the success of the company’s blockbuster cancer treatment Keytruda.

“Eikon heavily emphasizes its high-throughput drug discovery platform, based on the work of Nobel Prize-winning co-founder Eric Betzig, potentially accelerating its ability to identify new candidates for development or ‍licensing, which could be another driver for long-term investors,” Muehlbauer said.

Biotech IPOs have been one of the early highlights of 2026. Other drug developers such as Veradermics have also filed for IPOs this month.

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