Sept 14 (Reuters) – 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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