Bio­phar­ma IPO boom yields buoy­ant biotech pub­lic de­buts

The past week has seen a smor­gas­bord of big­ger-than-ex­pect­ed bio­phar­ma IPO de­buts led by Chi­nese biotech Leg­end, as in­vestors put their chips on the in­dus­try that is ex­pect­ed to be the tick­et out of the pro­tract­ed Covid-19 cri­sis — amid a broad­er mar­ket that is com­ing back to life with US busi­ness­es grad­u­al­ly re­open­ing.

The J&J-part­nered com­pa­ny not on­ly emerged with one of the largest pub­lic rais­es in biotech his­to­ry clock­ing in meaty $424 mil­lion, but saw its shares $LEGN soar more than 60% on its first day of trad­ing.

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