Adienne stops Swiss IPO for bad market conditions

9 years ago - Published in Finance, Fundamental Analysis

The Ticino-based pharmaceutical group Adienne reverses, and will not enter the stock market, contrary it had announced recently. "Adienne confirmed today that due to adverse market conditions it has put its intention to proceed with an IPO on hold until further notice," an Adienne spokesman said to Reuters.

After two weeks, when CEO Di Naro Antonio said in a statement that "I am very pleased to quote Adienne on the SIX Swiss Exchange, certainly helping to strengthen the international presence of the company", the climate has definitely changed .

The announcement had aroused a lot of curiosity because IPO in the Swiss stock exchange is a rare event, in 2016 only three.

Di Naro, announcing the IPO, explained that "The proceeds from the planned IPO would further support the ongoing Phase II/III FDA and EMA registrative clinical trial of Begelomab for steroid-resistant acute Graft-versus-Host Disease, the scale up (of) the group's manufacturing, our commercialization capabilities ahead of the launch of Begelomab and the other trials of our clinical and preclinical development programs."