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Article: Microscience Pulls IPO; Firms In UK Struggle With Valuations.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BioWorld International Correspondent
LONDON - Microscience Ltd. pulled its [pounds sterling]40 million (US$74.5 million) initial public offering on London's Alternative Investment Market after refusing to compromise on a [pounds sterling]120 million to [pounds sterling]140 million valuation.
Potential investors failed to bite, despite the fact that [pounds sterling]10 million of the [pounds sterling]40 million the vaccines company was looking for already was committed by its venture capital backers.
The Wokingham, UK-based company said that "current market sentiment would not support a valuation that reflects the potential" of the company's ...