With biotech’s constant parade of venture financings, Wall Street debuts, and nine-figure buyouts, it’s easy to forget that constant boom wasn’t always the norm.

It all kicked off in 2013, when a surge in investor optimism made it unprecedentedly easy for biotech companies to go public, which sparked a rush of VC dollars and created a virtuous cycle that lined the pockets of investors and set the stage for future initial public offerings.

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