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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