Oruka Therapeutics, Inc. (ORKA), a clinical-stage biopharmaceutical company, announced that it has commenced an underwritten public offering of $500 million of shares of its common stock and, in lieu of common stock, to certain investors, pre-funded warrants to purchase shares of its common stock.
In addition, Oruka expects to grant the underwriters a 30-day option to purchase up to an additional $75 million of shares at the public offering price, less underwriting discounts and commissions.
Leerink Partners, TD Cowen, Goldman Sachs & Co. LLC, Stifel and Guggenheim Securities are acting as joint bookrunning managers for the proposed offering.
Oruka Therapeutics develops biologics for the treatment of chronic skin diseases.
On Monday, the company announced positive results from its EVERLAST-A trial evaluating ORKA-001, a monoclonal antibody for moderate-to-severe plaque psoriasis.
ORKA has traded between $8.91 and $91 over the last year. The stock closed Monday's trade at $76.39, up 10.66%.
In the pre-market, ORKA is up 0.80% at $77.22.
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