San Francisco-based biotechnology company liquidates and settles assets

Initiated surgery in 2019, Third Harmonic Bio is a clinical stage biotechnology manipulation focused on the treatment of dermis, respiratory, and gastroenterological inflammatory diseases. It was once worth about $1 billion.

On April 10, the board of directors unanimously approved a plan to settle the assets and distribute the remaining cash to shareholders. The board of directors is expected to seek shareholder approval on June 5th, according to the notice.

Related Stories

According to the company, treatments that have not yet been approved for commercialization were also expected to treat severe asthma and more illnesses in the future.

“Our management team and board of directors have completed an efficient review of strategic alternatives to maximize the value of their assets, determining that returning cash to shareholders and selling assets, including THB335, is the best way to do this,” Natalie Horace said.

“We are proud that our team has advanced science over the past few years, made tough decisions and acted in good faith in the best interests of our patients and shareholders,” Horace added.

“If shareholders do not approve plans for dissolution, they must continue operating their business from a difficult position in light of their announced intentions to dissolve and close the settlement,” the company wrote in its submission.

The third harmonic bio has stopped all tasks not related to drug outlook to treat chronic spontaneous ur measles.

If a company’s shareholder approves the plan, the company will submit a certificate of dissolution and register shares of common stock from the NASDAQ Global Select Market.

The Company estimates that its total distribution to shareholders will range from $245.6 million to $259.8 million, or approximately $5.13 to $5.42 per share.

If it breaks up, the third Harmonic Bio will be the loss of the second leading biotech company in the San Francisco Bay Area this year.