There are suddenly signs of life in the initial public offering world. At least three hedge funds are gearing up for a rare biopharma IPO this week. Investors are well aware of the huge success of a half-dozen or so biopharma IPOs since they began trading early last month.
Electra Therapeutics plans to sell about 21.7 million shares for between $14 and $16 apiece, according to an updated regulatory filing. At the midpoint of the range, this works out to about $325 million in proceeds.
So far, just one company has gone public this month, Renaissance Capital says. Electra would become the first biopharma company to list its shares since early August.
Electra is a late clinical-stage biopharmaceuticals company developing precision medicines to treat immune-mediated diseases and cancer. Redmile Group’s Redmile Biopharma Investments II owns 7.1 percent of the shares before the offering and figures to control 7.8 percent after the stock begins trading, per the filing.
Two hedge funds that are not listed in the S-1 filing have been active investors in Electra over the years: Cormorant Asset Management and RA Capital Management each previously participated in two private financings.
Most recently, Redmile, Cormorant, and RA Capital invested in the October 2025 oversubscribed $183 million Series C financing. All three also participated in the February 2022 $84 million Series B round. At the time, Redmile Group managing director Amrit Nagpal was identified in a press release as a board observer.
Electra and the hedge funds no doubt hope the company’s IPO is as successful as recent biopharma public offerings. For example, Vogenx, which is developing therapeutics for metabolic diseases, has seen its shares surge about 147 percent since it went public on August 12.
BlossomHill Therapeutics and Latigo Biotherapeutics both went public on August 6. Since then, their stocks are up 40 percent-plus and 26 percent-plus, respectively.
Shares of Braveheart Bio are up more than 47 percent since going public on August 5.
Attovia Therapeutics has climbed more than 40 percent since its August 4 IPO, and Apnimed has jumped about 62 percent since its July 30 IPO.
Cormorant was a major shareholder of BlossomHill before the offering and a smaller investor in Latigo and Attovia. Redmile was also an investor in Attovia.
