By Dean Seal
Shares of Third Harmonic surged on Monday after the company's board approved a liquidation plan that will pay out $5.13 to $5.33 per share.
The stock was up 37% at $4.99 in premarket trading. Shares were trading for $11.52 this time a year ago.
The developer of pharmaceutical products said before the bell that it will wind down operations and pay shareholders proceeds from the sales of its assets and intellectual property, including its THB335 program developing a treatment for chronic spontaneous urticaria.
"Our management team and board of directors together have completed an efficient review of our strategic alternatives for maximizing the value of our assets and have determined that returning cash to shareholders and selling our assets, including THB335, is the best path forward," Chief Executive Natalie Holles said.
Third Harmonic said it would complete all Phase 2 readiness activities for THB335 by the middle of the year to maximize the value of the program.
The initial proceeds distribution is expected to be about $246.6 million to $255.4 million, or about $5.13 to $5.33 a share, and arrive in the third quarter.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 14, 2025 07:16 ET (11:16 GMT)
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