Drug maker shelves its IPO

ActivBiotics Inc., a maker of antibiotics, today shelved its planned initial public offering, citing unfavorable market conditions, a regulatory filing said.

Last week, ActivBiotics reduced the estimated price range for its 4 million-share IPO to $8 to $10 a share, from $12 to $14. The Lexington company filed its IPO in August and planned to sell up to $46 million in stock. Proceeds were to be used to pay for drug testing, research and development, and general corporate purposes.
(Dow Jones/AP)