Finance Watch: Third Harmonic Attempts A Flight Through The IPO Window
Could Be First $100m-Plus First-Time Offering Since May
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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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.
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.
A group of Endo debtholders are looking to buy the firm out of bankruptcy, with an initial $6bn bid for the stricken firm that envisions setting aside more than half-a-billion dollars for opioid-related claims. Meanwhile, Endo has reached an agreement-in-principle to resolve opioid-related claims.