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Finance Watch: Third Harmonic Attempts A Flight Through The IPO Window

Could Be First $100m-Plus First-Time Offering Since May

Executive Summary

Public Company Edition: Third Harmonic hopes to double its money, raising up to $150m. Also, Halozyme priced a $625m note sale to retire debt and repurchase shares, while Viridian raised $270m in an offering after positive early data, and Clarus cut jobs while Endo finalized a restructuring plan.

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Finance Watch: With Limited Fundraising Options, Biotechs Restructure To Extend Cash Runways

Mereo will reduce its headcount by 40% to focus on its lead programs while NeuBase revealed a 60% workforce reduction to extend its cash runway. Also, Invivyd (formerly Adagio), Greenlight and BioMarin announced job cuts, while Otonomy and others planned strategic shifts. 

Finance Watch: Third Harmonic Launches The Largest IPO In Months

Biopharma stock prices overall are trending down again, but standout firms are raising cash, including the first company to price an IPO over $100m since May, Third Harmonic. Also, Sarepta and Alnylam launched large note offerings, totaling $1bn and $900m, respectively.

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