Electra Therapeutics sets terms for U.S. IPO

Electra Therapeutics has filed terms for a U.S. initial public offering that would value the company at up to $977.6 million. The South San Francisco–based biotechnology firm plans to list its shares on the Nasdaq under the ticker symbol ETRA. The planned offering comes as biotech issuers continue to return to public markets with larger deals.

The company is seeking to raise as much as $346.7 million by selling about 21.67 million shares. The indicative price range has been set between $14 and $16 per share, according to the filing. The final deal size will depend on the pricing achieved within that range and the ultimate number of shares sold.

Electra has assembled a multi-bank underwriting syndicate for the transaction. Jefferies, TD Cowen, Evercore ISI and Cantor are named as underwriters on the deal. The syndicate will be responsible for marketing the transaction to institutional and other investors and for stabilizing trading around the IPO.

The relatively large planned raise positions the deal among the more sizable recent biotechnology offerings. The combination of a Nasdaq listing and a multi-bank syndicate underscores the company’s aim to access a broad investor base focused on life sciences and growth equities.

Electra is described as a late-clinical-stage biotechnology company focused on immunology-related conditions. Its lead experimental therapy, ipsoprubart, is being evaluated in a global study for secondary hemophagocytic lymphohistiocytosis, a severe immune system disorder. The company’s pipeline also includes a second candidate, ELA822.

The filing states that a significant portion of the IPO proceeds will be used to fund clinical trials for ipsoprubart. Additional funds are earmarked to advance development of ELA822. Remaining proceeds are intended for working capital and other general corporate purposes, giving Electra added flexibility as its programs progress.

By channeling IPO proceeds into late-stage clinical work, Electra aims to support the global study of its lead asset through key development milestones. Investment in ELA822 is expected to move that program further along the pipeline. The planned capital raise is structured to underpin both near-term trial execution and broader corporate needs.

The company’s targeted valuation and deal size reflect the importance of funding capital-intensive clinical programs. If completed as filed, the offering would provide Electra with substantial resources to pursue its clinical and operational plans while engaging a wider base of public-market investors.