Dermavant Sciences officially withdraws $100 million IPO

Dermavant Sciences, a Phase 3 biotech developing in-licensed therapies for dermatological diseases, officially withdrew its plans for an initial public offering on Friday. It had originally filed in June 2019 to raise $100 million by offering 7.7 million shares at a price range of $12 to $14, but it postponed later that month on the day it was set to price.

The Phoenix, AZ-based company was founded in 2015 and had planned to list on the Nasdaq under the symbol DRMT. Jefferies, SVB Leerink, and Guggenheim Securities were set to be the joint bookrunners on the deal.

The article Dermavant Sciences officially withdraws $100 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

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

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