Lycia Therapeutics sees successful NASDAQ debut

Lycia Therapeutics, a portfolio company of HBM, has completed a successful initial public offering on the NASDAQ. The company raised $317.5 million through the issuance of 17.64 million new shares priced at $18.00 each.

On its first day of trading, the stock closed at $30.00, representing a 67 percent increase from the IPO price. HBM retains approximately a 2.2 percent stake in Lycia, valued at $36.8 million. Lycia Therapeutics focuses on developing novel therapeutics designed to target and destroy disease-causing proteins, with an initial emphasis on autoimmune, inflammatory, and allergic diseases.