By Tom Zanki (February 23, 2017, 2:32 PM EST) -- Braeburn Pharmaceuticals Inc., a commercial-stage biotech company developing a drug to treat opioid addiction, formally pulled an estimated $150 million initial public offering Wednesday, saying public markets are currently unattractive, echoing a common concern among life science issuers.
Princeton, New Jersey-based Braeburn's cancellation comes three weeks after the company postponed its IPO because of unfavorable market conditions. The company told the U.S. Securities and Exchange Commission it may instead undertake a private offering to meet its capital needs.
"The terms currently obtainable in the public marketplace are not sufficiently attractive … to warrant proceeding with the public offering," Braeburn told the SEC in...
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