Public markets are beginning to reopen for biotech companies after several years of muted activity. But the strongest companies may still be more likely to sell themselves to Big Pharma rather than testing investor appetite in an IPO, according to JPMorgan's top healthcare dealmakers. The IPO window has reopened for high-quality biotech companies, but investors are far more selective than they were during the pandemic-era boom, Juha Anjala and Roy Wouters, co-heads of JPMorgan's EMEA healthcare