WILMINGTON – Merrion Pharmaceuticals went public on Tuesday, but not in the U.S.
The specialty pharmaceutical firm, which has operations in Wilmington and in Ireland, placed 2 million shares on the Irish stock exchange.
However, the company is holding off on an initial public offering in the U.S. due to market conditions, Private Equity Wire reported.
The shares in Ireland sold at $5.83.
On Oct. 31, Merrion cut its U.S. stock offering price to between $6 and $7. Merrion had planned to seek a price between $10 and $12.
Merrion, which was founded in 2004, develops oral drug-delivery technology. In April, it announced plans to go public.
Merrion had been trading stock in Ireland on a conditional basis since Dec. 13.
“We are very pleased to have achieved admission to the IEX today,” said Merrion Chief Operating Officer John Lynch. “This is an important step in the overall development of this company. We look forward to developing our range of drug products and we will use the majority of the net proceeds from the IEX placing to fund clinical trials, preclinical testing and other research and development
activities.”
