Summary
- Harmony Biosciences intends to raise $100 million in an IPO.
- The firm is developing and commercializing treatments for narcolepsy and related conditions.
- HRMY has shown a strong revenue ramp for its lead product but I can't tell if the proposed $1.9 billion enterprise value is reasonable, so I'll watch the IPO.
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Quick Take
Harmony Biosciences Holdings (HRMY) intends to raise $100 million from the sale of its common stock in an IPO, according to an amended registration statement.
The company is advancing development and commercialization of narcolepsy and related treatments.
HRMY has shown a strong recent revenue ramp for its first product and is in further development to expand its TAM to other related indications.
It is difficult to ascertain whether its proposed $1.9 billion enterprise value at IPO is reasonable or expensive, so I'll pass on the IPO.
Company & Technology
Plymouth Meeting, Pennsylvania-based Harmony was founded to commercialize a drug to treat narcolepsy that is not scheduled as a controlled substance.
Management is headed by president and Chief Executive Officer John Jacobs, who has been with the firm since October 2017 and was previously SVP and General Manager of the Respiratory Business Unit at Teva Pharmaceuticals (TEVA).
Below is a brief overview video of narcolepsy:
