Ulthera, which sells ultrasound energy systems for non-invasive aesthetic procedures, formally withdrew its plans for an initial public offering on Tuesday. In late June, the company announced it would be acquired by Merz, a privately held pharmaceutical company specializing in medical and aesthetic dermatology and neurological movement disorders, for $600 million in upfront cash and milestone payments.
The Mesa, AZ-based company was founded in 2004 and booked $91 million in sales for the 12 months ended March 31, 2014. It had originally filed in mid-April for an $86 million IPO that would list on the NASDAQ under the symbol ULTH. J.P. Morgan and Citi were set to be the joint bookrunners on the deal.
