Anthera Pharmaceuticals does not debut in IPO

By The Associated Press Wednesday, February 24, 2024

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The lone initial public offering scheduled for this week, Anthera Pharmaceuticals Inc., did not start trading Wednesday as expected by IPO market trackers.

Deutsche Bank Securities, which is managing the deal, and the company did not return calls for comment Wednesday.

So far, five companies have delayed IPOs in 2010, while three have withdrawn them. Companies are having trouble going public this year because of a volatile stock market and worries over the pace of the global recovery.

Those that have managed to come to market have largely had to accept lower prices for their shares.

Anthera had hoped to sell 4.6 million shares for between $13 to $15 apiece.

The drug developer does not have any treatments approved by regulators and has no revenue. It does not expect its leading candidate to be ready for sale until 2012 at the earliest.

"A company like this, especially with no revenue or regulatory approval, needs a more frothy market to make it," said IPOdesktop Editor Francis Gaskins.

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