Braeburn Pharmaceuticals Inc, the maker of the first long-acting implant to treat opioid addiction in the United States, said on Thursday that it had decided not to proceed with its initial public offering, citing current market environment.
The company, which filed to go public in late December, was expected to offer about 7.7 million shares in the price range of $18-$21 per share.
This decision does not preclude Braeburn and its sole shareholder Apple Tree Partners from considering an IPO or an alternative financing in the future, the company said in an emailed statement.
The U.S. healthcare industry is facing considerable uncertainty. President Donald Trump has accused drugmakers of “getting away with murder” and vowed to repeal and replace Obamacare. He, however, has promised to speed up approvals and ease regulations.