Rottapharm Madaus Scraps IPO After Investor Appetite Dwindles
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Rottapharm Madaus, a family owned Italian drugmaker, pulled a plan to sell shares to the public, its second failed attempt at getting funds in two years.
The Rovati family, which controls 100 percent of the drugmaker through the holding company Fidim Srl, decided not to proceed with the IPO after the process didn’t lead to the anticipated valuation, Rottapharm said in a statement today. The family was aiming to raise as much as 540 million euros ($735 million) through the sale, which would have been the biggest health-care IPO in Europe this year.