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The Boston Globe

Business

Harvard Bioscience looks to spin out unit in $20m IPO

Shares of Harvard Bioscience Inc. surged nearly 13 percent Wednesday after the life sciences tool maker disclosed plans to spin off its regenerative medicine device business through an initial public offering next year and give some stock to Harvard Bioscience investors.

In a regulatory filing, the Holliston company said it will seek to raise $20 million by taking public its wholly owned subsidiary, Harvard Apparatus Regenerative Technology, known as HART, which is developing parts for “bioartificial” organs such as replacement tracheas using plastic scaffolds seeded with the cells of patients needing airway transplants. Executives said they expect to complete the offering within seven months depending on market conditions.

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