Key facts
- Electra Therapeutics is targeting a valuation of up to $977.6 million in its US IPO.
- The company plans to raise as much as $346.7 million by offering about 21.67 million shares.
- The proposed share price is between $14 and $16.
- Electra Therapeutics develops therapies targeting signal regulatory proteins for immunological diseases and cancer.
- Its lead experimental drug, ipsoprubart, targets harmful immune cells involved in secondary hemophagocytic lymphohistiocytosis.
- The company plans to list on Nasdaq under the symbol ETRA.
Drug developer Electra Therapeutics is aiming for a valuation of up to $977.6 million in its US initial public offering, a move that extends a rebound in biotech listings this year. The South San Francisco, California-based company is seeking to raise as much as $346.7 million by offering approximately 21.67 million shares at a price range of $14 to $16 each.
The current IPO window has seen slower activity compared to last year due to macroeconomic uncertainty and market volatility, though biotech offerings have generally seen a recovery. Electra Therapeutics, a late-clinical-stage biotechnology company, focuses on developing therapies that target signal regulatory proteins to treat immunological diseases and cancer.
Its primary experimental drug, ipsoprubart, is designed to target harmful immune cells implicated in secondary hemophagocytic lymphohistiocytosis, a serious condition where the immune system becomes dangerously overactive. This drug is currently undergoing a global study to support its potential approval.
Proceeds from the IPO are earmarked for funding clinical trials for ipsoprubart, advancing its second drug candidate, ELA822, and bolstering working capital and other corporate requirements. Electra Therapeutics intends to list its shares on the Nasdaq under the ticker symbol "ETRA." The offering is being underwritten by Jefferies, TD Cowen, Evercore ISI, and Cantor.