Rhythm Pharmaceuticals, a clinical-stage biotech developing injectable therapies for gastrointestinal diseases, withdrew its plans for an initial public offering on Wednesday. The company originally filed for an $86 million IPO in late August. Last week, the company announced it had signed an agreement with Actavis (ACT) that granted it the option to acquire Rhythm upon the completion of its Phase 2b trial for diabetic gastroparesis, expected in early 2015.
The Boston, MA-based company was founded in 2008, had planned to list on the NASDAQ under the symbol RYTM. Citi and Cowen & Company were set to be the joint bookrunners on the deal.
