A one-time biotech unicorn gets slaughtered as lead program is scrapped, highlighting lingering trouble
Back in the balmy market days of the summer of 2018, Rubius Therapeutics had everything going for it. There was a new platform tech involving engineered red blood cells nourished by ample funds from Flagship. The market was rolling along, embracing new biotechs. And investors readily bought into the $1.8 billion market valuation registered at the IPO.
Fast forward to early 2020, just 19 months later, and it’s a whole different story.
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