BioCentury
ARTICLE | Top Story

Zentaris pulls IPO

June 18, 2001 7:00 AM UTC

Following last week's downturn in the Neuer Markt, oncology and endocrinology play Zentaris (Proposed-NMarkt:ZNT) postponed its IPO. The company, which is being spun out of Asta Medica, was offering 6 million shares at EUR11-EUR14 and was expected to list today (see BioCentury, June 11). Zentaris cited negative market sentiment towards the biotech sector following problems regarding FDA approval of a prostate cancer compound from one of its competitors. Last week the Neuer Markt's Nemax Biotechnology index was off 8.4%. Also last week, Praecis (PRCS) and partner Amgen (AMGN) received a letter from the FDA stating that the NDA for PRCS's Plenaxis abarelix depot LHRH/GnRH antagonist for prostate cancer was inadequate for approval (see BioCentury, June 18). ...