Credit: Shutterstock photoRhythm Pharmaceuticals, a clinical-stage biotech developing injectable therapies for gastrointestinal diseases, withdrew its plans for an initial public offering on Wednesday. The company originally filed for an $86 million IPO in late August. Last week, the company announced it had signed an agreement with Actavis ( ACT ) that granted it the option to acquire Rhythm upon the completion of its Phase 2b trial for diabetic gastroparesis, expected in early 2015.
The Boston, MA-based company was founded in 2008, had planned to list on the NASDAQ under the symbol RYTM. Citi and Cowen & Company were set to be the joint bookrunners on the deal.
The article Biotech Rhythm Pharmaceuticals withdraws $86 million IPO citing acquisition agreement with Actavis originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
