Electra Therapeutics Aims for $977.6 Million Valuation with U.S. IPO
Drug developer Electra Therapeutics is planning a U.S. initial public offering (IPO) targeting a valuation of up to $977.6 million, according to a recent filing. The company aims to raise as much as $346.7 million by offering approximately 21.67 million shares priced between $14 and $16 each. Electra is based in South San Francisco and focuses on therapies targeting signal regulatory proteins for immunological diseases and cancer. The IPO comes amid a slower-than-usual fall listing window due to macroeconomic uncertainty, though biotech offerings have shown signs of recovery this year. Proceeds from the offering will be used to fund clinical trials for its lead drug candidate, ipsoprubart, advance another therapy (ELA822), and support corporate needs. Electra plans to list on Nasdaq under the ticker symbol
Tickers: $ETRA
Topics: biotech drug development IPO