Electra Therapeutics Inc., an OrbiMed-backed, clinical-stage immunology company, boosted its US IPO to 23.3 million shares and priced them at $15, right in the middle of the $14 to $16 pitch. That brings in $350 million. Bloomberg reported strong demand, noting the book was covered several times over.
At the offer price, the company's valuation would come in around $941.5 million based on shares outstanding in its filings. Jefferies Financial Group Inc., Toronto-Dominion Bank, Evercore Inc. and Cantor Fitzgerald served as lead underwriters. Electra's stock is expected to debut Friday on the Nasdaq Global Select Market with the ticker ETRA.
Electra's lead program targets secondary hemophagocytic lymphohistiocytosis, an extreme immune overreaction. The therapy is in a global mid-stage study enrolling newly diagnosed patients. The candidate has secured Breakthrough Therapy status from the US Food and Drug Administration and a Priority Medicines designation from the European Medicines Agency.
Investors around the cap table include affiliates of OrbiMed, Westlake BioPartners and Redmile Group. In October, Electra pulled in about $182.7 million in a Series C round led by a Sanofi SA unit alongside OrbiMed and Redmile.
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As of June 30, Electra reported $97.7 million in cash and equivalents. In the first half through June 30, it recorded a $58.6 million net loss, versus a $25.4 million loss in the prior-year span. It is stepping into a lively window for drug developers: biotech and pharma IPOs have amassed $6.8 billion year-to-date, compared with $1.3 billion in the comparable period in 2025, per Bloomberg data.
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