RBM, Ikaria withdraw IPOs
Ikaria Inc. (Clinton, N.J.) and Rules-Based Medicine Inc. (Austin, Texas) each withdrew IPOs this week, citing market conditions. Ikaria had proposed in October to sell 10 million shares at $15-$17. But earlier this week, the company lowered the number of shares and price range, proposing to sell 8 million shares at $12-$13. A $12.50 price would have raised $100 million and valued the company at $530 million. The underwriters were Goldman Sachs; Morgan Stanley; Credit Suisse; Lazard; Cowen; Wedbush; Soleil Securities; and SunTrust.
Ikaria markets INOmax nitric oxide for inhalation to treat term and near-term infants with hypoxic respiratory failure. Ikaria reported nine-month revenue of $219 million at Sept. 30. The company's Lucassin terlipressin is in a Phase III trial to treat Type I hepatorenal syndrome (HRS). At Sept. 30, Ikaria had $36.9 million in cash and a nine-month operating profit of $27 million. ...