Philogen pulls Milan float

Swiss-Italian biotech group Philogen has pulled its plans to list on the Milan stock exchange after Bayer ended a partnership it had with the group. The initial public offering would have been Europe’s first biotech listing this year and was an indication appetite for the sector was warming up again. Philogen focuses on treatments for disorders related to the growth of new blood vessels which can play a role in illnesses such as cancer and rheumatoid arthritis.