Third Harmonic Bio, a Phase 1 biotech developing a therapy for allergic and inflammatory diseases, announced terms for its IPO on Thursday.
The Cambridge, MA-based company plans to raise $153 million by offering 9 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Third Harmonic Bio would command a fully diluted market value of $649 million.
Third Harmony Bio's lead candidate, THB001, is an oral small molecular inhibitor of KIT, a cell surface receptor that regulates mast cells. The biotech recently completed a Phase 1a trial of THB001, and in May 2022 submitted a CTA in Europe for a dose escalation Phase 1b proof-of-concept trial in chronic inducible urticaria. It plans to initiate the trial in the 2H22, with initial data expected in the 2H23 and a Phase 2 trial in chronic spontaneous urticaria expected in the 1H24.
So far in 2022, just seven biotech IPOs have raised $50 million or more, compared to 66 by this time last year.
Third Harmonic Bio was founded in 2019 and plans to list on the Nasdaq under the symbol THRD. Morgan Stanley, Jefferies, and Cowen are the joint bookrunners on the deal. It is expected to price during the week of September 12, 2022.
