Ambit Biosciences Corporation, a biotech developing small molecule therapeutics for the treatment of cancer with Astellas Pharma, withdrew its plans for an initial public offering on Tuesday. The San Diego, CA-based company was founded in 2000 and booked $25 million in sales for the 12 months ended 9/30/10. J.P. Morgan and Credit Suisse were set to be the lead underwriters on the deal.
