The IPOs start coming and they don’t stop coming and they don’t stop coming…

If it wasn’t already, biotech’s pandemic IPO boom in full swing.

After a week that saw the largest Chinese biotech IPO in history and another $154 million for a company that emerged only last September, four different biotechs raised over $200 million. Each of them upsized their offerings or priced at the top end — or more — of their original range.

Collectively, they raised $926 million, or an average of $231 million per company.

The new raises are part of a broader trend, as investors have flocked to biotech stocks as islands of stability in an increasingly rocky and pandemic-stricken stock market. Largely, that’s meant ballooning valuations for public companies, such as Moderna and Vir, who are making treatments or vaccines for Covid-19.

But the companie