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StumbleMedco Health IPO filing withdrawn
Wednesday, July 31, 2002 | 9:44 a.m.
NEW YORK -- Merck & Co. formally withdrew its regulatory filing for a $1 billion initial public offering of its Medco Health Solutions Inc. unit.
Merck, the second-biggest U.S. drugmaker, failed in several attempts to take its drug benefits unit public earlier this month as stocks plunged, sapping investor demand for new stocks. Medco's offering was the biggest of more than a dozen to be scrapped this month.
In a letter to the Securities and Exchange Commission, Merck sought to withdraw its IPO filing "due solely to market conditions."
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