Allozyne, a US-based developer of a drug for multiple sclerosis backed by Amgen’s corporate venturing unit, has been unable to merge with peer Poniard Pharmaceuticals in order to reverse into its Nasdaq stock exchange listing.
The two companies "mutually agreed to terminate" the merger deal they reached in June that would have seen Allozyne shareholders have 65% of the combined entity.
Allozyne was founded in 2005 and its backers include Amgen Ventures and venture capital firms MPM Capital, OVP Venture Partners and Arch Venture Partners. Poniard’s principal shareholder is venture capital firm Bay City Capital.