Finance Watch: Third Harmonic Launches The Largest IPO In Months
Positive Readouts, An Approval Spur Follow-On Offerings
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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After withdrawing IPO plans last September, Elicio thinks merger with Angion will give it a cash runway through end of 2023 to advance ELI-002, a vaccine for mutant KRAS-driven solid tumors.
Public Company Edition: Prime Medicine raised $175m, making its offering the sixth-largest out of 19 biopharma IPOs in the US this year. Also, Oculis and AUM opted to go public via SPAC mergers, Insmed raised $775m from multiple financings and Dice capitalized on positive data with a $300m offering.
Private Company Edition: Third quarter venture capital funding for biopharmaceutical firms fell from Q2, but activity remains near all-time highs year-to-date. Several companies announced VC financings in early October, including Ascidian, which launched with $50m in series A financing.