US-based biopharmaceutical company Viamet Pharmaceuticals has withdrawn an initial public offering that would have granted exits to pharmaceutical firms Eli Lilly, Novartis and Astellas.
Viamet set the range for the IPO between $14 and $16 per share last week, and would have raised $91.2m if it had floated at the top of its range. It also postponed a $75m IPO in July 2014, instead opting to raise $60m in equity funding.
The company is developing metalloenzyme treatments for conditions including fungal nail infection, vaginal yeast infection, cryptococcal meningitis and valley fever.
The planned IPO would have followed $171m in funding from investors including Novartis unit Novartis Bioventures, which owns a 13.8% stake in the company, Eli Lilly subsidiary Lilly Ventures, which holds 12.1%, and Astellas, which invested through Astellas Venture Management.
Morgan Stanley, Goldman Sachs, Guggenheim Securities and Needham & Company were acting as underwriters for the offering.