Italy's Rottapharm pulls plug on IPO on worsening market conditions

MILAN, July 10 Thu Jul 10, 2014 4:15am EDT

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MILAN, July 10 (Reuters) - Italian pharmaceauticals company Rottapharm Madaus (IPO-ROTT.MI) on Thursday said it has pulled plans for its initial public offfering (IPO) due to adverse market conditions and souring investor sentiment on southern European assets, it said.

It had been planning to usse 50 million shares, or 25 percent of its capital, at a price of 7.25-9 euros per share.

(Reporting by Oleg Vukmanovic)