A biotech company, Kardigan, has reportedly raised $400 million in an upsized initial public offering (IPO). Other biotech companies, including Aktis and Evommune, have also recently gone public, raising $318 million and $150 million respectively. The biotech industry appears to be experiencing a surge in IPO activity, with some companies achieving significant funding and others breaking records, such as Kailera's $625 million debut.