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How Belite Bio, a small, under-the-radar drugmaker, emerged as one of biotech’s best performing IPOs

August 2, 2022

Biotechnology startups are under pressure. After years of plentiful funding, few young drug companies are going public, and those that do are struggling to hold onto their value in a market downturn that’s forcing biotech executives and their venture backers to adjust.

One notable outlier is Belite Bio, an under-the-radar biotech incorporated in the Cayman Islands and controlled by a Taiwanese drug company. Since Belite raised $36 million via a small initial public offering in April, shares in the company have soared by almost 500% in value — the best performance of any biotech to go public in the U.S. over the past two years that still remains independent.

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