Healthcare Business

IPO Withdrawal: ChemoCentryx (GSK)

Douglas A. McIntyre

BurningmoneyOn Friday, ChemoCentryx Inc. filed to withdraw its pending registration for an IPO of up to $57.5 million. The market conditions of today are cited as the reasoning.  The Mountain View, California-based company said in its filing, “At this time, due to current public market conditions, the Company has determined not to proceed with the initial public offering contemplated…”

ChemoCentryx is an emerging drug developer for autoimmune andinflammatory diseases, as well as oncology.  Credit Suisse was the leadunderwriter and the company has raised $50 million in venture backingfrom GlaxoSmithKline (NYSE: GSK) to a total amount raised of what looksto be more than $150 million from Glaxo and other venture investors.

This form “RW’ for withdrawal may have been no surprise to most as the initial filing came on November 9, 2007.

NOVEMBER 17, 2008