Third Harmonic Bio launched an initial public offering on 14 September that marked the first IPO in the US by a biopharmaceutical company in four months to raise more than $100m. In fact, the last three first-time offerings since PepGen Inc. raised $122.9m on 5 May grossed $11.5m or less.
Cambridge, MA-based Third Harmonic sold 10.9 million shares at $17 each – in the middle of a proposed $16 to $18 range – to gross $185.3m. The offering was welcomed with open arms by investors, who pushed the company’s stock up 15.8% above its IPO price to close at $19.68 on 15 September, its first day of trading
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