Hives treatment developer Third Harmonic prices upsized $185M IPO

Mikko Lemola

Hives treatment developer Third Harmonic Bio (THRD) has priced its upsized $185M initial public offering.

The biotech company said it now plans to offer 10.9M shares at $17 per share. Underwriters will be granted a 30-day option to buy up to 1.64M additional shares.

Morgan Stanley, Jefferies and Cowen are serving as joint bookrunners, with LifeSci Capital acting as co-manager.

Based in Cambridge, Mass., Third Harmonic’s lead product, THB001, is a KIT inhibitor being developed as a possible treatment for chronic uticaria, also known as hives.

The deal was upsized from an earlier proposal this month that had the company offering 9M shares priced between $16 and $18, which would have raised approximately $153M if priced at the midpoint.