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This year’s biotech IPO waters are showing their first hints of turbulence.

Braeburn Pharmaceuticals, which last year got approval for an implant that dispenses medicine to treat opioid addiction, had planned to go public this week to raise up to $150 million. But on Thursday the company said in an emailed statement that it was scrapping its IPO plans for now, having “concluded that the current market environment does not represent an appropriate financing opportunity.”

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