UPDATE 1-Insys Therapeutics files to withdraw IPO plans

Mon Sep 8, 2008 5:30pm EDT

(Adds reason for IPO withdrawal; previous WASHINGTON)

NEW YORK, Sept 8 (Reuters) - U.S. biopharmaceutical company Insys Therapeutics Inc filed to withdraw its plans for an $86.3 million initial public offering, citing market conditions.

The company, which develops products to address chemotherapy-induced nausea, said in a filing on Monday with the U.S. Securities and Exchange Commission that "terms currently obtainable in the public marketplace are not sufficiently attractive." The deal was to have been led by UBS Securities (UBSN.VX).

Another life sciences company, XDx Inc, which develops gene expression-based tests for monitoring transplant rejection, filed to withdraw its IPO on Friday citing market conditions. It had planned to raise $86.3 million. The lead underwriters on that deal were JP Morgan (JPM.N) and Morgan Stanley (MS.N).

Both companies had planned to list their shares on the Nasdaq.

The two pulled deals bring the total number of withdrawn IPOs in the United States to 58 so far this year, twice the number of deals that have priced. (Reporting by Phil Wahba in New York, Karey Wutkowski in Washington, editing by Leslie Gevirtz)

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