Adds analyst comment in paragraphs 5,9
By Arasu Kannagi Basil
Jan 28 (Reuters) - Eikon Therapeutics, headed by Merck veteran Roger Perlmutter, is targeting a valuation of up to $908.2 million in its initial public offering in the United States, as biotech listings stage a recovery after a bruising 2025.
The Millbrae, California-based drug developer said on Wednesday it was seeking to raise up to $317.7 million in the IPO by offering 17.65 million shares priced between $16 and $18 apiece.
Eikon's offering comes against the backdrop of a busy slate of potential biotech listings in early 2026. Drug developers such as SpyGlass Pharma, AgomAb Therapeutics and Veradermics also filed for IPOs in January.
This also comes on the heels of the successful flotation of Eli Lilly-backed cancer drug developer Aktis Oncology AKTS.O earlier this month.
"The biggest draw may be CEO Roger Perlmutter," said IPOX Research Associate Lukas Muehlbauer.
Former Merck MRK.N research chief Perlmutter is considered a major force behind the success of the company's blockbuster cancer treatment Keytruda.
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.
Its most advanced candidate, EIK1001, in combination with 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.
"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.
The company has raised more than $1 billion from investors since inception. Its major backers include venture firms Lux Capital, Foresite Capital and The Column Group.
J.P. Morgan, Morgan Stanley, BofA Securities, Cantor and Mizuho are the underwriters. Eikon aims to list on the Nasdaq under the symbol "EIKN".
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
((ArasuKannagi.Basil@thomsonreuters.com;))