Swiss biotech Basilea Pharmaceutica withdraws $190 million IPO

Basilea Pharmaceutica, a biopharmaceutical developing treatments for fungal and bacterial infections, withdrew its plans for an initial public offering on Wednesday citing poor market conditions.

The Basel, Switzerland-based company was founded in 2000 and booked $51 million in sales for the 12 months ended June 30, 2015. It had planned to list on the Nasdaq under the symbol BSLN. Cowen & Company and Guggenheim Securities were set to be the joint bookrunners on the deal.