Third Harmonic Bio leaps as it reveals liquidation plan

San Francisco, USA-based inflammatory disease biotech Third Harmonic Bio (Nasdaq: THRD) saw its shares rocket almost 40% to $5.09 as the company revealed an orderly exit plan.

After considering opportunities to maximize stockholder value, the board of directors has approved and adopted a Plan of Liquidation and Dissolution for the liquidation and dissolution of the company and the distribution of remaining cash to stockholders following an orderly wind down of Third Harmonic’s operations, including any proceeds from a sale of the company’s assets and intellectual property, including but not limited to the THB335 program.

The board has approved a plan to distribute between $246.6 million and $255.4 million to shareholders – or about $5.13 to $5.33 per share – following stockholder approval at its June 5 annual meeting. If the plan is given the go-ahead, Third Harmonic will file for dissolution in the third quarter, delist from Nasdaq, and distribute initial funds shortly thereafter.