Report: Ikaria Withdraws IPO, Leaving Arch, Hutch in the Lurch
Ikaria, the company with the futuristic “hibernation-on-demand” technology with roots at the Fred Hutchinson Cancer Research Center in Seattle, has withdrawn its IPO plans, according to a report from Dow Jones News Services. Goldman Sachs, an underwriter of the deal, confirmed it has been withdrawn, according to the wire service.
Earlier in the day, Xconomy reported that Ikaria was seeing weaker demand for its shares than it had hoped for, and it reduced the value of its offering by 38 percent. The withdrawal of the IPO has to be a major disappointment for Arch Venture Partners, one of the largest shareholders in Ikaria, which was in line to have its stake valued at about $56 million if it could have commanded the mid-point of its projected IPO price. The Hutch, and founder Mark Roth, also have significant stakes in the company.