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Biotech keeps rising as investors worry end is coming

Huge IPOs, valuations for firms that don't yet have a single drug for sale are driving boom

HANDLE WITH CARE: There is concern that just a few failures in clinical trials could send investors fleeing the booming biotech industry.

New York

BIOTECH'S days of unfettered optimism may be numbered. Since 2011, money has flowed almost non-stop into the industry as investors buy into the promise of new drugs. Signs are increasingly pointing towards an end to the boom.

One key measure of investor pessimism, the...

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