The 2020 US biotech IPO class closed Wednesday with an 80% average return from the offering price, a historic run-up for the year's 23 development-stage drug developers. The group has averaged a 36% pop on day one, and then 35% from there. Biotechs make up 70% of the year's healthcare IPOs.
Every biotech IPO this year has either priced above the midpoint or upsized its share offering; Fusion Pharmaceuticals (FUSN) continued that trend on Wednesday by increasing the size of its proposed offering by 50%, followed by Akouos (AKUS) on Thursday, which upsized its offering and raised its proposed price.
Nine of the year's 23 biotechs...
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