With the final numbers in, the excesses of 2020 are laid bare. An eye-watering $12.7bn was raised last year by young drug developers via IPOs; the figure outstrips previous records by a long way.
The number of companies that went public is also high, although not remarkably so. But those that did float managed to amass huge sums, taking full advantage of the cash flowing into the sector. Whether this largesse continues in 2021 is the burning question for IPO investors, and for now there are few signs of diminishing appetites.