Electra Targets Nearly $300M IPO

Electra Therapeutics is targeting a Nasdaq IPO of nearly $300 million in net proceeds. The biotech plans to offer about 21.7 million shares at $14–$16 each; at the $15 midpoint, gross proceeds would be roughly $325 million and net proceeds about $296.6 million. Including a possible overallotment, net proceeds could reach approximately $341.9 million.

Electra expects to use the IPO funds to advance its immunology and cancer pipeline, including ipsoprubart in T/NK-cell malignancies and ELA822 in an early-stage trial. The company has applied to list under the ticker ETRA.

AstraZeneca and Daiichi Sankyo reported positive Phase 3 DESTINY-Lung04 results for Enhertu in first-line treatment of advanced HER2-mutant non-small-cell lung cancer.

Enhertu reduced the risk of disease progression or death by 37% versus pembrolizumab plus platinum-pemetrexed chemotherapy. Median progression-free survival was 14.3 months versus 8.3 months, while the response rate was 70.0% versus 44.5%.

The trial will continue to assess overall survival. The companies said Enhertu is the first HER2-directed therapy to show superior progression-free survival over global standard of care in this first-line setting; the reported safety profile was consistent with known risks, with no new safety concerns identified.