Civitas Therapeutics, which is developing an inhaled formulation of an existing drug for Parkinson's Disease, officially withdrew its plans for an initial public offering on Thursday. The company had originally planned to raise $75 million in September.
On the day it was expected to price, Civitas announced that it would be acquired by Acorda Therapeutics for $525 million, or a 30% premium to the proposed fully diluted market cap of $403 million at the midpoint. Close peer NeuroDerm (NDRM) priced its IPO below the range in November at a market cap of $184 million, and now trades 26% below its offer price.
The Chelsea, MA-based company was founded in 2009 and had planned to price on the NASDAQ under the symbol CVTS. J.P. Morgan and BofA Merrill Lynch were set to be the joint bookrunners on the deal.
