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Capital flows to biomedical R&D
Financing windows open. 1991 is a good year – biotech stocks are hot for eighteen months. Icos Corporation makes an initial public offering stock of stock and raises $36 million. The Idec Pharmaceuticals IPO brings in $52 million; Cephalon garners $59.4 million. Finally, Regeneron goes public and breaks the bank for $99 million.