For the past week and a half, the news hasn’t been good, but one IPO bucked the downtrend. Big pharma companies and their smaller biotech brethren have been subjected to a heavy onslaught of negative stories. Meanwhile, the market overall constructs its wall of worry out of a myriad of concerns. While big pharma faced a tsunami of bad news, a small biotech concern, Theravance, stages a successful IPO.
