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RTW Venture Fund Ltd on Friday said its portfolio company Third Harmonic Bio Inc has raised $185.3 million in its initial public offering.
RTW is a New York-based investor in life sciences, biopharmaceutical, and medical technology companies. Third Harmonic Bio is a clinical-stage biotechnology company developing a ‘first-in-class, selective, oral KIT inhibitor for the treatment of severe allergy and inflammation’.
In February, RTW confirmed that it had participated in a Series B fundraising round for Third Harmonic. In total, Third Harmonic raised $105 million in the financing round.
On Wednesday, Third Harmonic raised a further $185.3 million at its initial public offering. It offered 10.9 million shares at $17.00 each.
The shares began trading on the Nasdaq Global Market, under the ticker THRD.‘
Shares in Third Harmonic closed 16% higher at $19.68 each in New York on Thursday. RTW shares were untraded at 114.00 pence each in London on Friday around midday.
Managing Partner & Chief Investment Officer of RTW Investments Roderick Wong said: ’We are excited about Third Harmonic Bio's successful IPO, especially during a challenging year for public markets, and look forward to supporting the company in its efforts to develop next-generation treatments for mast cell-driven diseases.‘
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