26th Oct 2026 12:17
(Alliance News) - RTW Biotech Opportunities Ltd on Monday said portfolio company Lycia Therapeutics Inc raised USD318 million in an initial public offering on its first day of trading.
Lycia is a San Francisco, California-based biotechnology developer of medicines designed to remove disease-causing proteins from the bloodstream, with lead candidates targeting food allergies and Graves' disease.
Shares began trading on the Nasdaq Global Select Market on Friday under the ticker LYCA and closed at USD30.
Lycia sold 17.6 million shares at USD18 each, with shares closing 67% above their offer price on the first day of trading.
Lycia accounted for 0.8% of RTW Biotech's net asset value at that date, RTW Biotech said.
RTW Biotech,the Guernsey-based investment trust, first invested in Lycia in September 2021 and participated in subsequent funding rounds in April 2024 and June 2026.
RTW Investments Chief Investment Officer Rod Wong, said: "Lycia's catalytic degrader platform is truly novel and offers broad promise against difficult targets."
Shares in RTW were up 2.0% to USD2.30 per share on Monday afternoon in London.
Share in Lycia were down 10% to USD26.88 on Monday during premarket trading in New York.
By Niall Holden, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Rtw Biotech