Merck Veteran-Led Eikon Drops After $381 Million Upsized IPO (1)

Eikon Therapeutics Inc. shares fell 17% on Thursday after the late-stage cancer drug developer raised $381.2 million in an upsized US initial public offering.

Shares of the company, which is led by Merck & Co. veterans, closed at $15 each in New York, versus an IPO price of $18 apiece. The firm sold 21.18 million shares on Wednesday, up from the initially planned 17.65 million shares marketed at $16 to $18 each.

The trading gives the Millbrae, California-based firm a market value of about $810 million, based on the outstanding shares listed in its filings with the US Securities and ...