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Irish drug maker Merrion Pharmaceuticals PLC withdraws planned IPO

Irish drug maker Merrion Pharmaceuticals PLC withdraws planned IPO

Merrion Pharmaceuticals PLC withdrew its initial public offering with the Securities and Exchange Commission on Friday because of "unfavorable market conditions."
The Dublin-based specialty-pharmaceutical company said in March it planned to sell up to $46 million (euro31.3 million) in ordinary and American depositary shares.
The estimated price range for the planned 4 million ADS offering was set in early September at $10 to $12 per ADS, but was cut in late October to $6 to $7. The equities would have been listed on the Nasdaq Global Market. Merrion's ordinary shares began trading on the Irish Enterprise Exchange two weeks ago.
Merrion is seeking to develop improved oral-dosage forms of drugs to combat poor absorption by the stomach. The company had expected to use a "substantial majority" of the IPO's net proceeds to fund clinical trials, preclinical testing and other research and development.
Punk Ziegel & Co., Goodbody Stockbrokers and Stanford Group Co. were listed as underwriters for the IPO.


Updated : 2021-03-08 18:28 GMT+08:00