Royalty Pharma, a Swiss biotech company which generates its revenues from licensing treatments under development, has become the latest casualty of the technology correction, after it postponed its €146m ($122.7m) IPO on the Neuer Markt.

The company, which would have been valued at up to €573m in the IPO, decided to postpone the deal indefinitely as a result of market conditions. It is one of the largest companies to pull its IPO on the Neuer Markt.