IPO Initial Public Offering


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Hives drug developer Third Harmonic Bio (NASDAQ:THRD) saw its stock jump 17% following an upsized $185M initial public offering on Thursday.

Shares of the biotech company opened at $20.50 after pricing at $17 per share. The stock climbed to an early high of $21.49 before dipping to a low of $19.21. The shares recently changed hands at $20.02 at approximately 12:00 p.m. ET.

Third Harmonic offered 10.9M shares at $17 per share. Underwriters will be granted a 30-day option to buy up to 1.64M additional shares. Morgan Stanley, Jefferies and Cowen are serving as joint bookrunners, with LifeSci Capital acting as co-manager.

The IPO was upsized from a proposal filed in early September. Under the terms of that deal, Third Harmonic planned to offer 9M shares priced $16 to $18, which would have raised around $153M if priced at the midpoint.

Based in Cambridge, Mass., Third Harmonic is developing a KIT inhibitor as a possible treatment for chronic uticaria, also known as hives.

For more on Third Harmonic, check out SA contributor Donovan Jones’s “Third Harmonic Bio Readies $153M IPO.”



Image and article originally from seekingalpha.com. Read the original article here.

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