Lycia Therapeutics prices $318 million IPO

RTW Biotech Opportunities Ltd

26 October 2026

 

LEI: 549300Q7EXQQH6KF7Z84

26 October 2026

RTW Biotech Opportunities Ltd

Lycia Therapeutics prices $318 million IPO

         Private investment Lycia completes Nasdaq IPO, RTW Bio’s third IPO and 12th liquidity event YTD

         IPO price represents 229% step-up to prior holding value and 233 % step-up from cost

         Lycia’s share price closed up 67% on first day of trading

         As at 30 September 2026, Lycia represented 0.8% of RTW Bio’s NAV

RTW Biotech Opportunities Ltd (“RTW Bio” or the “Company”), the London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to note the announcement by private portfolio company Lycia Therapeutics, Inc. (“Lycia”) of the pricing of its upsized initial public offering (“IPO”). Lycia sold 17.6 million shares of common stock at $18 per share, for gross proceeds of approximately $318 million.

Lycia is a clinical-stage biotechnology company developing medicines designed to remove disease-causing proteins from the bloodstream. Its lead candidates target two areas of high unmet need: food allergies and Graves’ disease.

RTW Bio first invested in Lycia’s Series B financing in September 2021, later participating in the Series C in April 2024 and the Series D in June 2026. Lycia began trading on the Nasdaq Global Select Market under the ticker "LYCA" on 23 October 2026, where the shares traded up 67% to close at $30 on the day. Overall, this first day closing valuation represents a 229% step-up from RTW Bio’s prior holding value at 30 September 2026 and a 233% step-up from cost.  Prior to the uplift in value, as at 30 September 2026, Lycia represented 0.8% of RTW Bio’s NAV.

Lycia is RTW Bio’s sixth go public event from its portfolio in 2026, following the IPOs of Aktis in January, Kailera in April, and three reverse mergers announced or completed. For the year to date, there have been 27 biotech IPOs versus eight for the entirety of the prior year. The recovery in public equity demand sits alongside sustained strategic buying by large-cap pharma, which faces a cumulative $170 billion patent cliff by 2032. Together, these conditions support routes to liquidity for well-capitalised private companies, whether through IPO or acquisition.

Rod Wong, CIO of RTW Investments, said, “Lycia’s catalytic degrader platform is truly novel and offers broad promise against difficult targets. In particular, its lead IgE degrader program has exciting potential in allergic disease. We’re proud to have been able to support the company while private and to continue to do so as a public company.”

The announcement can be found here.

Enquiries:

RTW Investments, LP – Investment Manager Oliver Kenyon Krisha McCune (Investor Relations)	[phone] [e-mail]
Cadarn Capital – PR & IR Partner Lucy Clark (PR) David Harris (Distribution)	[phone] / [e-mail] [phone] / [e-mail]
Jefferies International Limited – Joint Corporate Broker Gaudi Le Roux Harry Randall-Knowles	[phone]
BofA Securities – Joint Corporate Broker Edward Peel Alex Penney	[phone]
Altum (Guernsey) Limited Joanna Duquemin Nicolle Sadie Morrison	[phone]

About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) is an investment fund focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the website at www.rtwbio.com for more information.

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The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events, and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company and/or its underlying investments, including, among other things, the development of the applicable entity’s business, trends in its operating industry, expected use of financing proceeds and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.

The information contained in this announcement is given at the date of its publication (unless otherwise marked). No reliance may be placed for any purpose whatsoever on the information or opinions contained in this announcement or on its completeness, accuracy or fairness.

 

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