Oncology-focused biopharmaceutical company Eikon Therapeutics began trading publicly Thursday after raising $381 million in its upsized initial public offering.

The company sold 21.2 million shares for $18 apiece and began trading on the Nasdaq under ticker symbol EIKN.

Covington & Burling LLP advised the company, while Davis Polk & Wardwell LLP advised its underwriters.

Eikon last week told regulators that it planned to raise $300 million in its offering by selling 17.6 million shares for a range between $16 and $18.

Eikon is a late-stage clinical biopharmaceutical company that is advancing a pipeline of oncology drug candidates targeting areas of high unmet need that could eventually become critical medicines, according to a filing with the U.S. Securities and Exchange Commission. The company also deploys its technology platform to develop internally derived novel therapies.

"Our vision is to become a generational leader, by purposefully integrating traditional biology research with advanced engineering to develop better medicines faster," the company said in the SEC filing. "We believe our product candidates reflect strong scientific and clinical potential and could eventually become critical medicines in the treatment paradigm of various cancers."

Eikon is backed by leading venture capital firms such as Lux, Foresite Capital, and the Column Group, according to the SEC filing.

The company has granted its underwriters a 30-day option to purchase up to an additional roughly 3.2 million shares of common stock at the IPO price, and the offering is expected to close Friday.

Eikon's public debut follows another biotech that went public this week. Hair loss drug developer Veradermics Inc. began trading publicly Wednesday after raising $256 million in its upsized offering. The company, which began trading on the New York Stock Exchange, offered 15.1 million shares for $17 apiece, above the marketed range of $14 to $16. The company had previously announced that it would offer nearly 13.4 million shares.

The Covington team advising Eikon included Brian Rosenzweig, Bradley Chernin, and Brianna Bloodgood.

The Davis Polk team advising the underwriters included Alan Denenberg and Emily Roberts.