Merck Veteran-Led Eikon Therapeutics Raises $381 Million in IPO

Eikon Therapeutics Inc., a late-stage cancer drug developer led by Merck & Co. veterans, raised $381.2 million in an upsized US initial public offering.

The Millbrae, California-based firm sold 21.18 million shares at $18 each, according to a statement Wednesday. The company had marketed 17.65 million shares for $16 to $18. Prior to the upsize, Merck was expected to buy about 10% of shares in the offering, people familiar with the matter have said.