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.

• ‌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)