Introduction
There have historically been overlapping biotech booms and IPO windows, the three most recent boom/windows being 1995-1996, 1999-2001 and 2003-2005. Each of these boom/windows was impacted by positive external market forces, with the last two benefiting from the dot-com bubble and the post-9/11 market bounce, respectively. The driving factors within biotech have been different for each boom/window: 1995-1996 was partially driven by investor demand for new stories; 1999-2001 was driven by the potential for new technologies; and 2003-2005 was partially driven by product approvals and successful companies. In this report, we look back at the 1999-2001 boom/window, the IPOs and their subsequent performance.
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