Protein therapeutics biotech Ambrx withdraws $70 million IPO


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Ambrx, a biotech developing bio-conjugates to treat solid tumors and other diseases, withdrew its plans for an initial public offering on Monday, citing current market conditions. It originally planned to raise $70 million in an IPO during the week of June 23, 2014. While the company had partnerships with large pharmas like Bristol-Myers, it also faced challenges as a very early-stage drug developer.

The La Jolla, CA-based company was founded in 2003 and booked $20 million in collaboration revenue for the 12 months ended March 31, 2014. It had planned to list on the NASDAQ under the symbol AMBX. Stifel and Wells Fargo Securities were set to be the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: AMBX

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