Oruka Therapeutics Files $500M Public Offering with $75M Upsize Option
Oruka Therapeutics has launched an underwritten public offering of $500 million in common stock and pre-funded warrants, with underwriters granted a 30-day option to purchase an additional $75 million in shares. The offering hinges on market conditions and will be registered under a Form S-3 shelf effective April 10, 2026.
1. Offering Details
Oruka Therapeutics has commenced an underwritten public offering of $500 million of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase its common stock. Underwriters have a 30-day option to acquire up to an additional $75 million of shares at the offering price, less underwriting discounts and commissions.
2. Registration and Conditions
The securities are registered on a Form S-3 shelf registration statement (File No. 333-294852) that became effective April 10, 2026. Completion of the offering remains subject to market conditions, underwriting approvals and other customary closing conditions.
3. Syndicate Managers
Leerink Partners, TD Cowen, Goldman Sachs & Co. LLC, Stifel and Guggenheim Securities are serving as joint bookrunning managers, while LifeSci Capital is acting as passive bookrunning manager for the proposed offering.