Can biotech IPOs bounce back? Third Harmonic to test investor appetite with planned offering

As recently as last year, a biotechnology startup planning a lucrative initial public offering was the norm, not the exception. Now, Third Harmonic Bio finds itself in lonelier company.

This week, the Cambridge, Massachusetts-based biotech aims to sell 9 million shares at an expected price of between $16 to $18 each. At the high end of that range, Third Harmonic could raise as much as $162 million, a sum that would make its IPO the largest for the sector since May, according to data from BioPharma Dive.