Immunology drug development company Electra (ETRA.US) prices IPO at $15, raising $350 million, to debut on Nasdaq tonight.

Clinical-stage immunology drug development company Electra Therapeutics Inc. (ETRA.US) raised $350 million through an upsized U.S. initial public offering (IPO), pricing at the midpoint of its marketed range. The OrbiMed-backed company sold 23.3 million shares at $15 each, according to a statement Thursday. Electra had previously planned to offer 21.67 million shares at $14 to $16 each, a filing with the U.S. Securities and Exchange Commission showed. The offering was reportedly multiple times oversubscribed. Based on the IPO price and the number of shares outstanding in the filing, the San Francisco-based company has a market value of about $941.5 million. Electra's lead drug candidate is designed to treat secondary hemophagocytic lymphohistiocytosis, a severe overreaction of the immune system. The company is running a global mid-stage clinical trial of the drug in newly diagnosed patients, according to its filing. The therapy has received Breakthrough Therapy designation from the U.S. Food and Drug Administration and PRIority MEdicines designation from the European Medicines Agency. The listing comes amid a hot market for pharmaceutical IPOs. Biotechnology and pharmaceutical companies have raised $6.8 billion from listings this year, compared with $1.3 billion in the same period in 2025, according to compiled data. The company's investors include OrbiMed, Westlake BioPartners and affiliated entities under Redmile Group. Electra completed a roughly $182.7 million Series C round in October led by a unit of French drugmaker Sanofi (SNY.US), OrbiMed and Redmile, according to the filing; as of June 30 this year, the company held $97.7 million in cash and cash equivalents. For the six months ended June 30, the company posted a net loss of $58.6 million, compared with a net loss of $25.4 million in the same period a year earlier, the filing showed. The IPO was led by Jefferies Financial Group Inc., Toronto-Dominion Bank, Evercore Inc. and Cantor Fitzgerald. Its shares are expected to begin trading Friday on the Nasdaq Global Select Market under the ticker symbol "ETRA."