Xencor, a biotech developing antibodies for severe autoimmune/allergic diseases and cancer, postponed its IPO on Thursday, citing poor market conditions. The Monrovia, CA-based company had planned to raise $75 million by offering 10.7 million shares at $7 per share. The postponement comes one day after it slashed its valuation by 41%. The company previously filed to offer 5.0 million shares at a range of $14 to $16. At the revised terms, Xencor would have commanded a market cap of $192 million. Credit Suisse and Leerink Swann were set to be the joint bookrunners on the deal.
