Anthera Pharmaceuticals, a biotech developing a Phase 3 anti-inflammatory treatment for acute coronary syndrome, pushed back its IPO on Tuesday amidst plans to cut the deal size by roughly 27%. Investors were likely concerned about Anthera's inadequate funding, unclear timeline to commercialization and lack of collaboration agreements with larger pharmas. The Hayward, CA-based company had originally expected to raise $64 million by offering 4.6 million shares at $13-$15; it is now expected to seek $47 million by offering roughly 5.5 million shares at $8-$9. Anthera was founded in 2004 and plans to list on the NASDAQ later this week. Deutsche Bank is the lead underwriter on the deal.
