Third Harmonic Bio Inc. , a biotech specializing in treatment for allergic and inflammatory diseases, set terms for its initial public offering on Thursday, with plans to offer 9 million shares priced at $16 to $18 each. Morgan Stanley, Jefferies, Cowen and Lifesci Capital are underwriting the deal. The company has applied to list on Nasdaq under the ticker 'THRD.' Proceeds will be used to finance clinical development and R&D, as well as for working capital and general corporate purposes. The company is still pre-revenue and does not expect to generate revenue in the near future. The Renaissance IPO ETF has fallen 46% in the year to date, while the S&P 500 has fallen 17%.
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