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Death of a unicorn

Moderna’s upsized IPO is the biggest-ever for a pre-commercial biotech. But its share price has fallen in early trade on its first day.

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Argenx keeps delivering

A partnering deal with J&J worth $300m in upfront cash, over a largely ignored second pipeline candidate, should put the Belgian biotech firmly on the map.

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Illumina bets on Pacific, not nanopores

Illumina’s $1.2bn buy of Pacific Biosciences raises questions about why it shunned another long-read sequencing player, Oxford Nanopore Technologies.