Completing an initial public offering ought to be a big step in company development. It is a departure from a cosseted, insulated environment of unique technical approaches and regulatory progress and an entrance into the glare of quarterly scrutiny and comparative financial performance.
To pump $15 billion into life sciences in the 2014–16 window, investors presumably convinced themselves they could pick winners. Two decades of hindsight say otherwise. Indeed, two decades of hindsight...
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