Electra Therapeutics Targets Up to $978 Million Valuation in U.S. IPO

Drug developer Electra Therapeutics is targeting a valuation of up to $977.6 million in its U.S. initial public offering, according to a filing on Monday, adding to a broader recovery in biotech listings this year. The South San Francisco, California-based company plans to raise as much as $346.7 million by offering about 21.67 million shares at a price range of $14 to $16 apiece.

Electra is a late-clinical-stage biotechnology company developing therapies aimed at signal regulatory proteins to treat immunological diseases and cancer. Its lead experimental drug, ipsoprubart, targets harmful immune cells involved in secondary hemophagocytic lymphohistiocytosis, a severe condition in which the immune system becomes dangerously overactive. The drug is currently being evaluated in a global study intended to support potential regulatory approval.

The IPO comes as the typically active fall listing window has been slower than last year amid macroeconomic uncertainty and market volatility, although biotech offerings have shown signs of renewed momentum. Electra said it intends to use the proceeds to fund clinical trials of ipsoprubart, advance its second drug candidate, ELA822, and support working capital and other corporate purposes. The company plans to list on Nasdaq under the ticker ETRA, with Jefferies, TD Cowen, Evercore ISI and Cantor serving as underwriters.

Pic Courtesy: google/ images are subject to copyright