Electra raises $350m in IPO as shares slip on Nasdaq debut
US clinical-stage biotech Electra Therapeutics (Nasdaq: ETRA) raised $350 million in an upsized initial public offering priced at $15 per share, but the stock had a rough market debut, closing nearly 12% lower at $13.25 on its first day of trading on the Nasdaq Global Select Market.
The offering saw 23.3 million shares sold and gave the OrbiMed-backed company a fully diluted market value of around $1 billion. All the shares were offered by the company, so the proceeds go to Electra rather than existing investors. Electra had initially proposed selling 21.7 million shares at $14 to $16 each before upsizing the deal ahead of pricing late last week.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Biotechnology
| Headless Content Management with Blaze