ChemoCentryx Cancels IPO

ChemoCentryx Inc., a Mountain View, Calif.-based developer of oral drugs for autoimmune diseases, inflammatory diseases and oncology, has withdrawn registration for a $57.5 million IPO, citing “market conditions.” The company had planned to trade on the Nasdaq, with Credit Suisse serving as lead underwriter.

ChemoCentryx recently raised $50 million from existing investor GlaxoSmithKline, at a higher valuation than on its Series D round in March 2007 ($30m round at a $188m post-money). Overall, the company has raised around $155 million from GSK, OrbiMed Advisors, HBM BioVentures, Alta Partners, HealthCap and GIMV.

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