Targacept Withdraws Initial Public Offering

Targacept Inc. has filed with securities regulators to withdraw its initial public offering. The biopharmaceutical company said it was pulling the proposed offering due to the "difficult market conditions that currently exist for initial public offerings in the life science industry." Earlier this week, another biopharmaceutical company, CombinatoRx, postponed its IPO. In February Targacept set its planned initial public offering at 6.25 million shares at an estimated price of $11 to $13 per share. Deutsche Bank Securities, Pacific Growth Equities, CIBC World Markets and Lazard were underwriters for the deal.

Reuters (http://reuters.com/newsArticle.jhtml?type=topNews&storyID=7924910)