Electra Therapeutics IPO expected to price above midpoint

Investing.com -- Electra Therapeutics Inc. anticipates its initial public offering will price in the upper half of the $14 to $16 range, Bloomberg reported Thursday.

The biotechnology company, which focuses on late-stage immune-mediated disease and cancer treatments, received demand from new and existing institutional investors for several times the number of shares available, according to the report.

The offering is expected to price after the market closes Thursday in New York. Shares are set to begin trading Friday on the Nasdaq Global Select Market under the ticker symbol ETRA.

Electra Therapeutics is offering approximately 21.67 million shares in the offering.

Jefferies Financial Group Inc., Toronto-Dominion Bank, Evercore Inc., and Cantor Fitzgerald are among the banks managing the offering.

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