Eye disease therapy developer GenSight Biologics, which had raised almost $78m from investors including Novartis, has withdrawn an IPO expected to raise up to $70m.

GenSight Biologics, a France-based eye disease therapy developer that counts pharmaceutical firm Novartis as an investor, has withdrawn an initial public offering in the US citing market conditions.

The company originally filed for a $100m IPO on Nasdaq in July 2015, and as of early November had planned to issue 4.65 million shares priced at $13.00 to $15.00, which would equate to proceeds of between $60.5m and $69.8m. It subsequently postponed the offering later the same month.

GenSight…