Portfolio company update: Third Harmonic Bio IPO

Portfolio company update: Third Harmonic Bio IPO


Third Harmonic Bio prices upsized $185.3 million IPO

RTW Venture Fund Limited (the "Company"), a London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors, is pleased to note the 14 September 2022 announcement by one of its portfolio companies, Third Harmonic Bio, Inc. ("Third Harmonic Bio") regarding its pricing of an upsized $185.3 million initial public offering ("IPO") and admission to trade on Nasdaq Global Market under ticker "THRD".

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. Its lead asset, THB001, is in Phase 1 clinical trial for the initial indication of chronic urticaria, a dermatologic disease driven by mast cell activation that results in red, itchy, painful welts or hives that develop in response to a specific stimulus (inducible urticaria) or with no known cause (spontaneous or idiopathic urticaria). Beyond chronic urticaria, Third Harmonic Bio plans to pursue development of THB001 in additional diseases of the skin, airway, and gastrointestinal tract in which mast cells play a known role in the pathophysiology of the condition.

Prior to IPO, the Company, together with other funds managed by RTW Investments, LP (the "Investment Manager"), participated in Third Harmonic Bio's $105 million Series B financing round in December 2021.

Third Harmonic Bio's IPO raised $185.3 million by offering c. 10.7 million shares at $17.00 per share. On the first day of trading, Third Harmonic Bio's share price traded up by 15.8% to close at $19.68 per share.

Roderick Wong, MD, Managing Partner and Chief Investment Officer at the Investment Manager, 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."

Third Harmonic Bio's IPO pricing announcement can be accessed on its website at: www.thirdharmonicbio.com, the full text of which is contained below.

For further information

RTW Investments, LP
+1 (646) 343 9280
Stephanie Sirota, Chief Business Officer
Alexandra Taracanova, PhD, Director of Academic and Investor Partnerships

+44 (0)20 7466 5107
Charles Ryland
Henry Wilson
George Beale

About RTW Venture Fund Limited:

RTW Venture Fund Limited (LSE: RTW & RTWG) is an investment company focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Venture Fund Limited invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives.

RTW Venture Fund Limited is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Third Harmonic Bio announces pricing of upsized initial public offering

CAMBRIDGE, Mass., Sept. 14, 2022 (GLOBE NEWSWIRE) -- Third Harmonic Bio, Inc. (Nasdaq: THRD), a clinical-stage biopharmaceutical company developing a potent, highly selective, oral KIT inhibitor for the treatment of severe inflammatory diseases, today announced the pricing of its upsized initial public offering of 10,900,000 shares of its common stock at a public offering price of $17.00 per share. All of the shares are being offered by Third Harmonic Bio. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Third Harmonic Bio, are expected to be $185.3 million. The shares are expected to begin trading on the Nasdaq Global Market on September 15, 2022 under the ticker symbol "THRD." The offering is expected to close on September 19, 2022, subject to the satisfaction of customary closing conditions. In addition, Third Harmonic Bio has granted the underwriters a 30-day option to purchase up to an additional 1,635,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

Morgan Stanley, Jefferies and Cowen are acting as joint bookrunning managers for the offering. LifeSci Capital is acting as co-manager for the offering.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on September 14, 2022. The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by email at [email protected]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]; or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by telephone at (833) 297-2926, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Third Harmonic Bio, Inc.

Third Harmonic Bio is a clinical-stage biopharmaceutical company focused on advancing the next wave of medicine for allergy and inflammation. The company's lead product candidate, THB001, is a highly selective, oral small-molecule inhibitor of KIT, a cell surface receptor that serves as the master regulator of mast cell function and survival. THB001 is currently being evaluated in a Phase 1b proof-of-concept study in chronic inducible urticaria. With promising drug-like properties and an encouraging early clinical profile, THB001 has the potential to revolutionize the treatment of a broad range of dermatologic, respiratory and gastrointestinal allergic and mast-cell-mediated inflammatory diseases.

For further information

Lori Murray

Media contact

Bob Ho

Investor contact