Ayala becomes latest to join the year’s bumper crop of biopharma IPOs

Ayala’s public debut late Thursday adds to the more than $4 billion raised from global biopharma IPOs so far this year. This year is outpacing 2019 for total funds raised in IPOs even as investors grapple with the scope of the COVID-19 pandemic.

Ayala Pharmaceuticals Inc. (NASDAQ:AYLA) priced 3.7 million shares at $15, raising $55 million at a postmoney valuation of $186.7 million...