Dermavant Sciences, a Phase 3 biotech developing in-licensed therapies for dermatological diseases, officially withdrew its plans for an initial public offering on Friday. It had originally filed in June 2019 to raise $100 million by offering 7.7 million shares at a price range of $12 to $14, but it postponed later that month on the day it was set to price.
The Phoenix, AZ-based company was founded in 2015 and had planned to list on the Nasdaq under the symbol DRMT. Jefferies, SVB Leerink, and Guggenheim Securities were set to be the joint bookrunners on the deal.
