First of more? Third Harmonic prices upsized IPO to raise $185M
Third Harmonic Bio pulled it off.
The Atlas-founded biotech, which came out of stealth just earlier this year with former Audentes CEO Natalie Holles at the helm, has priced an IPO that will bring in $185.3 million before taking commissions, discounts and other fees into account.
Given the chilly public market, it is perhaps unusual that Third Harmonic is making the jump to Nasdaq at all. Notably, while it priced in the middle of the proposed range — $17 per share — the company is boasting of an upsized offering. It ended up selling more than 10 million shares rather than the 9 million originally planned.
Coming off a bubbly year — 2021 saw close to 100 biotechs go public according to Endpoints News’ IPO Tracker — 2022 IPOs have been meager at just over a dozen, with many of those raising a relatively small sum.
But some observers are expecting a turnaround later this year, with Nasdaq’s head of healthcare Jordan Saxe predicting “a healthy handful of companies that make it out.”
Launched in 2019, Third Harmonic Bio is already in the clinic with its lead compound, licensed from Novartis. Calling the KIT inhibitor a “pipeline in a product,” the biotech hopes to go after multiple allergic and inflammatory diseases by targeting mast cells. Phase Ib proof-of-concept data in chronic inducible urticaria are expected later this year; other trials in asthma and chronic spontaneous urticaria will follow.
But the real test is perhaps still ahead. The Cambridge, MA-based Third Harmonic started trading under the ticker $THRD today.