Despite the COVID-19 pandemic, or in some cases because of it, public investor capital has flooded into biotech companies entering the global public markets. In 2020, the sector recorded just over 100 initial public offerings (IPOs), nearly double the number in 2019. These biotech companies — working on drug discovery and development programmes, but excluding diagnostic, medical device and life science tool firms — raised more than US$20 billion in total proceeds, a record haul that surpasses ...