Electra Therapeutics targets $977.6 million valuation in US IPO

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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