Harmony Biosciences Holdings, a commercial stage biotech developing therapies for narcolepsy and other CNS disorders, announced terms for its IPO on Tuesday.
The Plymouth Meeting, PA-based company plans to raise $100 million by offering 4.7 million shares at a price range of $20 to $23. At the midpoint of the proposed range, Harmony Biosciences Holdings would command a fully diluted market value of $1.4 billion.
The company's sole marketed product, WAKIX (pitolisant), was approved for the treatment of excessive daytime sleepiness in adult patients with narcolepsy in August 2019. The company expects to initiate a Phase 3 trial for EDS and cataplexy in pediatric patients in the 2H21. It also plans to begin Phase 2 trials for EDS and other key symptoms in patients with Prader-Willi Syndrome in the 2H20 and in adult patients with myotonic dystrophy in the 1H21.
Harmony Biosciences Holdings was founded in 2017 and booked $64 million in net product revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol HRMY. Goldman Sachs, Jefferies and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of August 17, 2020.
