- cafead Feb 07, 2022 at 10:22: AM
via A year ago there were few more promising bets than investing in a new biotech company.
After all, the biopharmaceutical industry had shined in the spotlight of the COVID-19 pandemic, developing vaccines and drugs that saved hundreds of thousands of lives. Stocks of publicly traded biotechs soared to all-time highs. Startups launched initial public offerings at a record pace and immediately made money for their backers. Investors not typically involved with the sector piled in, hoping to get in on the action.
"You couldn't afford not to participate in initial public offerings," said Jerel Davis, a managing director with biotech investment firm Versant Ventures. "Every IPO was generating value."
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After all, the biopharmaceutical industry had shined in the spotlight of the COVID-19 pandemic, developing vaccines and drugs that saved hundreds of thousands of lives. Stocks of publicly traded biotechs soared to all-time highs. Startups launched initial public offerings at a record pace and immediately made money for their backers. Investors not typically involved with the sector piled in, hoping to get in on the action.
"You couldn't afford not to participate in initial public offerings," said Jerel Davis, a managing director with biotech investment firm Versant Ventures. "Every IPO was generating value."
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