Electra Therapeutics NASDAQ:ETRA, a developer of antibody therapies for immune-mediated conditions and cancer, upsized its U.S. initial public offering ahead of its trading debut on Friday, expecting to raise nearly $350M in gross proceeds.
In a statement late Thursday, the California-based biotech priced the offering of approximately 23.3M shares at $15 each as part of a listing on The Nasdaq Global Select Market under the ticker symbol ETRA.
Underwriters will have a 30-day option to buy up to an additional 3.5M shares at the IPO price, the company said.
Earlier this week, Electra NASDAQ:ETRA set its IPO terms for an offering of about 21.7M shares, seeking roughly $296.6M in net proceeds, assuming an initial public offering price of $15.00 per share.
Along with its existing cash, marketable securities, and cash equivalents, the company expects to use net proceeds from the offering to advance its lead asset, ipsoprubart, and for other business activities, including working capital purposes.
The monoclonal is currently undergoing a global Phase 2/3 registrational trial for newly diagnosed patients with secondary hemophagocytic lymphohistiocytosis, which is expected to complete enrollments in H2 2027.
The IPO is expected to close on Monday with Jefferies, TD Cowen, Evercore ISI, and Cantor serving as joint book-running managers.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.