Novo-backed Tobira, which is developing treatments for liver disease and HIV among other ailments, cited market conditions as it withdrew from a $60m IPO.
Tobira Therapeutics,a US-based drug developer backed by investors including pharmaceutical company Novo, suspended its initial public offering yesterday citing market conditions.
Tobira had targeted $60m in an IPO that would have valued it at about $150m. However, several pharmaceutical companies including Auris Medical, Minerva Neurosciences and Ocular Therapeutix have floated below their ranges in an overheated market recently, which appears to have put off the company.
Founded in 2006, Tobira is developing treatments for liver disease, HIV,…
