Electra Therapeutics targets $977.6 million valuation in US IPO

Sept 14 — 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, ‌extending a comeback in biotech listings this year.

The South San Francisco, ⁠California-based company is seeking ​to raise as much ⁠as $346.7 million by offering about 21.67 million shares ‌priced between $14 and $16 ‌apiece.

Here are some more details:

• The listing comes ⁠as the typically busy ⁠fall IPO window has been slower than last year due to macroeconomic uncertainty and market volatility, although biotech offerings have broadly rebounded.

• Electra Therapeutics, a late-clinical-stage biotech company, develops therapies that target 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 that causes the immune system to become dangerously overactive. The drug is being tested in a global study intended to support ​approval.

• Electra plans to use the IPO proceeds to ‌fund clinical ‌trials ⁠for ipsoprubart, advance its second drug candidate, ELA822, and support its working capital and other corporate needs.

• The company plans to list its shares on Nasdaq under ‌the symbol "ETRA."

• Jefferies, ​TD Cowen, Evercore ISI and ‌Cantor are the ⁠underwriters for ​the offering.

(Reporting by Pragyan Kalita in Bengaluru; Editing by ​Shreya Biswas)

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