After quiet season for IPOs, Third Harmonic set to test investor appetite

Third Harmonic has proposed terms for what could be the largest biotech IPO in months, as a sector thirsty for liquidity watches to see if investor demand will meet the company’s expectations.

In a regulatory filing late Thursday, Third Harmonic Bio Inc. proposed to sell 9 million shares at $16-$18. At the range’s $17 midpoint, the company would raise $153 million at a postmoney valuation of $625.5 million. According to a calendar posted on NASDAQ.com, the offering is due to price ahead of the session on Thursday, Sept. 15...