Electra Therapeutics targets $977.6 million valuation in US IPO

Electra Therapeutics, a late-clinical-stage biotechnology company based in South San Francisco, is planning an initial public offering (IPO) on the Nasdaq under the symbol ‘ETRA’. The company aims to raise approximately $347 million by offering roughly 21.67 million shares, with an expected price range between $14 and $16 per share. This move targets a valuation of up to $977.6 million.

The proceeds from the offering are intended to fund clinical trials for its lead experimental drug, ipsoprubart, which targets harmful immune cells involved in secondary hemophagocytic lymphohistiocytosis. Additionally, the capital will support the advancement of its second drug candidate, ELA822, and provide general working capital.

The underwriters for the offering include Jefferies, TD Cowen, Evercore ISI, and Cantor.