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Dermavant Sciences withdraws IPO on Nasdaq Global Market

Dermavant Sciences Ltd. withdrew plans to launch an IPO on the Nasdaq Global Market.

The London-based medical dermatology company — a unit of Roivant Sciences Ltd. — did not give a reason for the withdrawal in its Sept. 6 SEC filing.

Dermavant previously planned to offer 7.7 million common shares, to be priced between $12 and $14 per share. However, the IPO was postponed and was never priced.

The company planned to raise net proceeds of $89.6 million, or about $103.6 million, assuming full exercise of the underwriters' overallotment option.

Dermavant would have used proceeds to fund two late-stage trials of its psoriasis drug tapinarof, a phase 2a trial of its vitiligo treatment cerdulatinib and other clinical development activities.