Paragon Biosciences Congratulates Harmony Biosciences on the Grand Opening of Its Headquarters
Pennsylvania Governor Wolf Joins Harmony at Its Ribbon-Cutting Ceremony
CHICAGO – September 24, 2018 – Harmony Biosciences, LLC (Harmony), a portfolio company of Paragon Biosciences (Paragon), was joined by Pennsylvania Governor Tom Wolf to announce the opening of its completed, 15,651 square-foot headquarters located in Plymouth Meeting, PA.
In October 2017, Paragon established Harmony, a private biopharmaceutical company dedicated to developing and commercializing novel treatment options for central nervous system disorders, with an initial focus on sleep disorders including narcolepsy. With financing arranged by Paragon, Harmony acquired the exclusive right to develop, register and market the drug pitolisant in the United States. If approved, pitolisant would represent the first new therapy in the U.S. in over a decade for the treatment of both excessive daytime sleepiness and cataplexy in patients with narcolepsy.
“As a Paragon Biosciences portfolio company, Harmony is supporting our collective mission to accelerate medical breakthroughs for conditions which often go underserved,” said Jeff Aronin, Chairman and CEO of Paragon Biosciences. “Paragon was proud to found and incubate Harmony, and to lead its equity financing raise. It is encouraging to witness their continued growth, from our initial vision and support, to achieving important milestones including this headquarters grand opening.”
Paragon’s lead in raising capital and investments earned Harmony the Deal of the Year award from Life Sciences Pennsylvania. Harmony’s $295 million initial equity raise was the largest private-equity financing of a privately held North American biopharmaceutical company in 2017. In fact, Harmony Biosciences was among the top ten venture-capital raises in the history of U.S. biotech firms, according to Pitchbook.
Since October 2017, Paragon has raised $367 million for its portfolio companies, including Harmony, who have notably acquired $454 million in pharmaceutical compounds.
“As a company, our goal is to pursue new therapies that will have the potential to transform the lives of patients,” said John C. Jacobs, President and CEO of Harmony Biosciences. “At Harmony, we take seriously our responsibilities and commitments to our employees, business partners, the broader life sciences community, and especially, those who live with rare diseases.”
The headquarters grand opening is another milestone in Harmony’s continued growth. The company now employs a total of 42 staff members and has plans to significantly expand its workforce in the coming years as it continues to develop novel treatment options for patients with rare diseases.
For more information about Harmony’s grand opening event with Pennsylvania Governor Wolf, please visit the press release section of Harmony’s website.
About Paragon Biosciences
Paragon Biosciences, LLC improves the lives of patients suffering from debilitating diseases by building innovative biotechnology companies which bring important treatments to the market. Paragon's portfolio companies are managed by healthcare industry leaders and biotech entrepreneurs committed to improving outcomes for patients. Paragon's leadership and management team leverage their entrepreneurial experiences and their expertise to develop and finance biotechnology companies and accelerate their advancements. Paragon Biosciences is headquartered in Chicago, Illinois. For more information, visit: www.paragonbiosci.com.
Harmony Biosciences, LLC
Harmony Biosciences, LLC is a private biopharmaceutical company headquartered in Plymouth Meeting, PA. The company was established in October 2017 by global biopharmaceutical incubator and investment firm, Paragon Biosciences, LLC., with a vision to provide novel treatment options for people living with rare and orphan diseases with an emphasis on central nervous system disorders, starting with narcolepsy. Harmony Biosciences is committed to advancing the understanding of narcolepsy. Harmony provides information and resources to individuals who live with narcolepsy and to healthcare professionals who treat patients with the disorder. On February 28, 2018, National Rare Disease Awareness Day, Harmony Biosciences launched Know Narcolepsy™, an educational campaign to help increase understanding of the disease and provide a new resource for the community. KnowNarcolepsy.com includes information about narcolepsy and cataplexy as well as powerful patient stories about living with the disease. Harmony Biosciences received the 2017 Deal of the Year Award from Life Sciences PA. For more information on Harmony Biosciences, visit www.harmonybiosciences.com.