Open wide, for now

Biotech companies and bankers are taking advantage of strong biotechnology stock performance to sell follow-ons at a pace the industry hasn't seen since late 2009.

Some biotechs have share prices at or near 52-week highs, making equity financings attractive. Particularly after last year's volatile market, companies are interested in financing while they can, although bankers don't expect to see more interest in categories that remain out of favor with investors like IPOs and PIPEs...