Tuesday, June 7, 2011

Ambit Drops IPO Ambitions

San Diego-based Ambit Biosciences has dropped its IPO plans, according to the firm in a filing with the Securities and Exchange Commission Tuesday afternoon. According to the withdrawal request from Ambit, the firm decided that "terms currently obtainable in the public marketplace are not sufficiently attractive" to proceed with the IPO. Ambit had filed to raise around $86.25M in November. The firm is backed by Apposite Healthcare Fund, OrbiMed Investors, Forward Ventures, GrowthWorks Canada, GIMV, MediImmune, Perseus-Soros Biopharmaceuticals Fund, and Roche.