Oruka Therapeutics Inc. (NASDAQ: ORKA) announced it has commenced an underwritten public offering of $500 million of common stock shares and pre-funded warrants. The clinical-stage biopharmaceutical company, which develops monoclonal antibody therapeutics for psoriasis and other inflammatory conditions, expects to grant underwriters a 30-day option to purchase an additional $75 million of shares at the public offering price.

The offering is subject to market and other conditions, with no assurance regarding completion timing or final terms. All securities are being offered by the company itself.

Leerink Partners, TD Cowen, Goldman Sachs & Co. LLC, Stifel and Guggenheim Securities serve as joint bookrunning managers for the proposed offering. LifeSci Capital acts as passive bookrunning manager.

The company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission, which became effective on April 10. A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and made available on the agency's website.

Oruka develops biologics for chronic skin diseases, focusing on treatments that aim for complete disease clearance with dosing frequencies of once or twice per year. The company advances antibodies that target mechanisms underlying plaque psoriasis and other dermatologic and inflammatory diseases.

The press release contains forward-looking statements regarding the anticipated size, terms and completion of the proposed offering, subject to various risks and market conditions that could affect actual results.