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For more than four decades the biopharma industry has grown, matured and, over certain periods, survived via reliance on alliances. As an example, when Covid hit in 2020, one might have predicted that the robust biotech IPO window, then in its eighth year, might have gone into lockdown along with the world’s economy. Instead, 90 companies went public in the US in 2020, raising $18 billion in aggregate, or 3x as much as was raised in 2019 by the 52 biotechs in the IPO Class of 2019.

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