Abacus Medicine A/S canceled its revived plan for a €50 million IPO on the Frankfurt Stock Exchange, citing an unfavorable market environment.
The Denmark-based company initially planned to pursue a public listing in 2018 but also decided to nix the plans due to market conditions. Abacus said it is monitoring the market environment but did not disclose plans for another IPO in the future.
Abacus sells prescription pharmaceuticals in Europe as a parallel trade company, which resells goods between countries. The parallel trade business model is based on the principle of free movement of goods in the EU single market, where the same pharmaceutical product is available at different prices in different countries.
Germany is Abacus' biggest market, with about 57% of its revenues in 2018 coming from the European country, the company previously said. Abacus generated revenues of about €332.3 million in 2018.