First-time offerings by drug developers fell from 2018 when 67 launched, but IPO investors’ fortunes improved with a year-end rally providing a 45.1% return versus a 7.5% loss in the prior year.

If J&J’s gamble on a single dose pays off, it could rapidly advance the fight against SARS-CoV2 – but a second study will provide a safety net.

After years of setbacks, Novavax is on the cusp of success with its COVID-19 vaccine - but a rapid scale up of manufacturing and commercial operations will be a huge challenge.