Third Harmonic Bio’s stock market debut was the only biotech IPO that crossed the $100 million threshold in the third quarter as the slowdown in IPO activity showed little sign of changing. Small deals continue to represent most of the IPO activity.
Third Harmonic Bio’s IPO raised $183.3 million for clinical development of an inflammation drug licensed from Novartis. The biotech was able to find enough investor interest to increase the deal size, offering 1.9 million more shares than initially planned.
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Third Harmonic Bio, which emerged from stealth early this year with a lead drug from Novartis and a $105 million round of funding, has not yet set any financial terms for its planned IPO. But the biotech plans to use the IPO cash for early and mid-stage clinical tests of its small molecule in multiple inflammatory indications.