Peplin Inc files to withdraw IPO plans

WASHINGTON, June 9 Mon Jun 9, 2008 5:34pm EDT

WASHINGTON, June 9 (Reuters) - Peplin Inc on Monday filed with regulators to withdraw its plan for a $75 million initial public offering, citing unfavorable market conditions.

The company had previously filed with the U.S. Securities and Exchange Commission for an IPO as part of a plan to take over its parent company, Australian biotech company Peplin Ltd PEPBF.PK. (Reporting by Karey Wutkowski; editing by Carol Bishopric)