PPM Ventures (PPM), the private equity arm of UK insurer Prudential, has shelved plans for an initial public offering (IPO) of Oxoid, a life sciences company, in favour of a quick trade sale to Fisher Scientific International, a US scientific equipment provider for £177.5m.(€262m).

PPM had appointed Cazenove to prepare a market listing for Oxoid for April this year, and explore options for a trade sale. It was approached by Fisher, advised by Lazard, last December.