Shares of Plymouth Meeting-based Harmony Biosciences Holdings soared as much as 70 percent over the public offering price on the stock’s first day of public trading, writes Ryan Sharrow for the Philadelphia Business Journal.
The biotech company issued more than 5.3 million shares at $24 per share, which resulted in proceeds of $128.4 million.
The company originally expected to issue 4.65 million shares at between $20 and $23, but it then upped the offering on Tuesday.
On Wednesday, the stock closed at $37.01, up 54 percent.
The company has granted a 30-day option to the IPO underwriters to buy up to an additional 802,325 shares at $24, less any underwriting discounts and commissions.
Harmony markets Wakix, the Food and Drug Administration-approved drug that treats the excessive sleepiness associated with narcolepsy in adults.
The company is planning to use over half of the proceeds from the IPO to fund further clinical development of potential new applications for its drug. These include treating patients with Prader-Willi syndrome, myotonic dystrophy, and pediatric narcolepsy.
The remainder of the IPO funds will primarily be used for working capital, business development opportunities, and general corporate purposes.
Read more about Harmony Biosciences at the Philadelphia Business Journal by clicking here.
You Might Also Like