Oruka Therapeutics raises $180 million in private placement

Oruka Therapeutics Inc. (NASDAQ: ORKA) announced it has entered into a securities purchase agreement for a private investment in public equity financing expected to generate gross proceeds of approximately $180 million, before placement agent fees and offering expenses.

The biotechnology company, which develops treatments for chronic skin diseases including plaque psoriasis, said the financing was led by Viking Global Investors. Other participants included both new and existing investors such as Affinity Healthcare Fund, Blackstone Multi-Asset Investing, Commodore Capital, Cormorant Asset Management, Deep Track Capital, Fairmount, Great Point Partners, Palo Alto Investors, Perceptive Advisors, Surveyor Capital, Venrock Healthcare Capital Partners, and Woodline Partners.

Under the agreement terms, Oruka is selling 10,933,405 shares of common stock at $15.00 per share and pre-funded warrants to purchase 1,066,666 shares at $14.999 per warrant. The pre-funded warrants carry an exercise price of $0.001 per share. Following the transaction, approximately 67.1 million shares of common stock and common stock equivalents will be issued and outstanding.

The financing is expected to close on or about September 19, 2025, subject to customary closing conditions.

Oruka stated it intends to use the net proceeds, combined with existing cash, cash equivalents, and marketable securities, for research and development, general corporate expenses, and working capital needs. The company expects its cash will fund operations for at least one year following data readouts from its ORKA-002 Phase 2 and ORKA-001 EVERLAST-B Phase 2b trials in 2027.

Jefferies, TD Cowen, Guggenheim Securities and LifeSci Capital are serving as joint placement agents for the financing.

The securities are being sold in a private transaction and have not been registered under the Securities Act of 1933. The company has agreed to file a registration statement with the Securities and Exchange Commission for the resale of the shares and common stock issuable upon exercise of the pre-funded warrants.

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