Bolus of follow-ons signals continued demand for biotech

Eight biotechs raised $2.6 billion in follow-ons ahead of Tuesday's session, signaling a flood of investor demand for the sector following significant inflows in April.

The collective Monday night raise added more to biotech balance sheets than the $2.4 billion raised across the sector in March and April. The deals also helped May top January, with $4 billion, for the year’s biggest follow-on month (see “Follow-on Market Poised for a Comeback”)...