Abpro, a preclinical biotech developing novel antibodies for various cancers, withdrew its plans for an initial public offering on Wednesday. It had filed to raise $60 million by offering 4 million shares at a price range of $14 to $16, but subsequently postponed its IPO a few weeks later. At the midpoint, Abpro would have commanded a fully diluted market value of $305 million.
The Woburn, MA-based company was founded in 2004 and booked $2 million in sales for the 12 months ended December 31, 2017. It had planned to list on the Nasdaq under the symbol ABP. UBS Investment Bank and Wells Fargo Securities were set to be the joint bookrunners on the deal.
