Covington Represents Eikon Therapeutics in Largest Biotech IPO Since 2024

NEW YORK—Covington advised Eikon Therapeutics, Inc., a late-stage clinical biopharmaceutical company dedicated to developing medicines to address serious unmet medical needs, in the pricing of its upsized initial public offering of 21,177,600 shares of its common stock at an initial public offering price of $18.00 per share. The gross proceeds to Eikon from the offering are expected to be approximately $381 million.

Eikon’s common stock began trading on the Nasdaq Global Select Market on February 5, 2026 under the ticker symbol “EIKN”.

Eikon’s initial focus is oncology, where it is advancing a pipeline of drug candidates targeting areas of high unmet need in large indications that could eventually become critical medicines in the treatment paradigm of various cancers. Eikon is also deploying its technology platform, including its proprietary single molecule tracking system, to develop internally-derived novel therapies, while also leveraging the deep expertise of its management team to opportunistically in-license promising assets.

The Covington team was led by Brian K. Rosenzweig, Brad Chernin, and Brianna Bloodgood.