Genentech

In November 1980, Genentech became the darling of Wall Street when it launched its initial public offering (IPO). The company's IPO raised $38 million, and its share price increased by $89 within the first few minutes of trading. This was the largest gain in stock market history at that time. After Genentech's IPO, there was an outburst of speculative frenzy over biotechnology as a revolutionary means for creating new and better kinds of pharmaceuticals. Biotechnology became the next big thing and a possible solution to national economic malaise.