Peloton Therapeutics, a Phase 2 biotech developing small-molecule HIF-2a inhibitors for kidney cancer, officially withdrew its plans for an initial public offering on Wednesday. In May of this year, Peloton announced that it would be acquired by Merck for $1.05 billion in cash, plus up to $1.15 billion in milestone payments; the announcement came one day before it was scheduled to price. It had originally filed to raise $150 million for a fully-diluted market cap of $742 million.
The Dallas, TX-based company was founded in 2010 and had planned to list on the Nasdaq under the symbol PLTX. J.P. Morgan, Citi and Jefferies were set to be the joint bookrunners on the deal.
