Ireland's Merrion withdraws US IPO due to unfavorable market conditions
Due to what it termed "ongoing difficult market conditions," Irish specialty drugmaker Merrion Pharmaceuticals has postponed at initial public offering on the USA's Nasdaq. The Dublin-based company raised about 5.6 million euros ($8.2 million) on the local IEX market on December 18, 2007, placing two million new shares at a price of 4.05 euros each. Last spring, the firm announced it planned to sell up to $46.0 million of its shares on the Nasdaq.
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