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Central Nervous System Biotech Company Harmony Biosciences Raised $128 Million

Esther Thin

Harmony Biosciences Holdings Inc, stocks skyrocketed 54% to $37.01 on its first day of trading on August 19, 2020. and dropped 2.46% on August 20, 2020, closed at $36.10, giving the company a market cap of approximately $281.8 million.

The developer of biopharmaceuticals designed to identify, develop and commercialize treatment for narcolepsy and other central nervous system disorders raised $128 million by offering 5.3 million ADSs at $24, above the proposed range of $20 to $23.

The company’s product, WAKIX (pitolisant) is for the treatment of excessive daytime sleepiness (EDS) in adult patients with narcolepsy, and it was approved by the U.S. Food and Drug Administration (FDA) in August 2019.

The Plymouth Meeting, Pennsylvania-based company was founded in 2017 and booked $26 million in revenue for the 12 months ended March 31, 2020. The company’s stock is trading on Nasdaq under the symbol “HRMY.” Goldman Sachs, Jefferies, and Piper Sandler are underwriters of the IPO.

The company engages Latham & Watkins LLP as US Securities Counsel, and Deloitte & Touche LLP as Independent Auditor.

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