Two more biotechs lever­age up­sized of­fer­ings in IPO boom as Har­bour pitch­es a raise in Hong Kong

The IPO mar­ket is still boom­ing. Two more biotechs jumped on­to Nas­daq this week with up­sized of­fers, and a third has in­di­cat­ed that it wants a slice of the ac­tion.

Penn­syl­va­nia-based Har­mo­ny Bio­sciences Hold­ings $HRMY raised $128 mil­lion by of­fer­ing 5.3 mil­lion shares at $24 apiece, ex­ceed­ing the pro­posed range of $20 to $23 a share. On Wednes­day, it closed at just over $37 per share.

The Paragon port­fo­lio com­pa­ny, which filed for a $100 mil­lion IPO weeks ago, ini­tial­ly planned to of­fer just 4.7 mil­lion shares. It ac­quired its sole drug in the pipeline, pitolisant, from Bio­pro­jet in France, pay­ing $150 mil­lion for the US li­cense, $50 mil­lion for NDA ac­cep­tance and $77 mil­lion for the first ap­proval. Mil­lions more are due if Har­mo­ny hits cer­tain mile­stones, ac­cord­ing to the com­pa­ny’s S-1. Roy­al­ties are tiered at 13% to 24%.

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