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Biotech IPO raises hopes for SoftBank Vision Fund rebound

Relay Therapeutics jumps 75% in Nasdaq debut

SoftBank Group CEO Masayoshi Son, pictured last year, with the Relay Therapeutics logo. The Softbank-backed biotech startup has gone public on Nasdaq. (Source photos by Ken Kobayashi)

TOKYO -- SoftBank Group-backed U.S. biotech startup Relay Therapeutics gained 75% on its trading debut on Nasdaq, raising hopes for a recovery in the performance of Softbank's $100 billion Vision Fund.

Shares in Relay, which is developing drugs for cancer treatment, closed at $35.05 on Thursday compared to its offering price of $20, giving the company a market capitalization of about $3 billion. It raised $400 million from an initial public offering.

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