Oruka Therapeutics Inc. (NASDAQ: ORKA) priced an upsized public offering of 9.66 million shares at $72.50 per share, the clinical-stage biopharmaceutical company announced. The offering is expected to generate gross proceeds of approximately $700.4 million before underwriting fees and expenses.

The company granted underwriters a 30-day option to purchase up to 1.45 million additional shares at the public offering price, minus underwriting discounts and commissions. The offering is scheduled to close on or about April 30, 2026, subject to customary closing conditions.

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

The shares are being offered under a shelf registration statement on Form S-3 that became effective with the Securities and Exchange Commission on April 10, 2026. All shares in the offering will be sold by Oruka.

Oruka focuses on developing monoclonal antibody therapeutics for psoriasis and other inflammatory and immunology conditions. The company is advancing antibodies engineered by Paragon Therapeutics that target mechanisms underlying plaque psoriasis and other dermatologic diseases.