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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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Arbutus’s hep B handicap grows

Arbutus Biopharma already looked second best to Arrowhead Pharmaceuticals in the race to develop a functional cure for hepatitis B. New data have made the former’s task…