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IPO Update: Seven In January As Big Returns, Solid's Slip-Up Contribute To Bubble Concerns

Executive Summary

Seven biopharma IPOs launched in the US in January with an average return of 52.8%. The most recent was Sol-Gel's on Jan. 31, but the largest was a $128m offering by ARMO. Solid had the most controversial IPO, but it still gave investors a 70.7% return, contributing to the question: Is biotech in a bubble?

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