A handful of huge financings helped start-ups raise a record $5.4bn in the second quarter as investors brace for tougher times.
Global drug stocks enthusiastically joined the recovery on the financial markets in the second quarter, more than offsetting earlier declines.
Mid- and small-cap medtechs find themselves at the mercy of government responses to the Covid-19 pandemic.
After a brief pause in the first quarter flotations have come flooding back, with drug developers raising almost $5bn so far this year.
The biotech has been singled out for a $1.6bn payment for US Covid-19 vaccine development.
Success or failure on the stock markets this year depended almost entirely on whether a company’s devices could be used to treat coronavirus patients.
Biontech and Pfizer come roaring back with the first human data on BNT162, a day after Inovio’s effort disappointed.
Approval decisions are due for Jazz, Gilead and Galapagos in July, while Glaxo is preparing for a panel.
By pricing remdesivir at $2,340 for a five-day course Gilead has kept investors on side, but others will be disappointed.