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.
