Prime’s filing represents a key test for biotech initial public offerings, which are showing some early signs of life after a prolonged slowdown.
Twelve days ago, autoimmune drug developer Third Harmonic Bio provided the sector with a lift. By raising $185 million in a new stock offering, Third Harmonic priced biotech’s biggest IPO in four months and one of the largest of 2022. Before that offering, the majority of companies that went public this year raised less than $40 million. The last two to raise more than $100 million — neuromuscular disease drug developer PepGen and Bausch & Lomb, the eye medicine business of Bausch Health — priced offerings on May 6.