IHS Chemical Week

Markets :: Fine Chemicals/Biotech :: Industrial Biotech

Myriant withdraws IPO

10:14 AM MST | January 9, 2014 | Rebecca Coons

Biochemical firm Myriant (Quincy, MA) has withdrawn its plans for a $125-million initial public offering, according to an SEC filing dated 8 January. The move comes shortly after PTT Global Chemical (PTT) increased its stake in Myriant by nearly 60%. PTT announced on 23 December 2013 that it had bought 6,049,443 Myriant shares for $6.7 million, increasing its stake from 47.18% to 72.62%. PTT announced yesterday that it had purchased an additional 3,406,569 shares—increasing its stake to 84.77%—and that it reduced its issued and outstanding capital by...

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