On Oct. 14, 1980, the first biotechnology public offering — Genentech makes history on Wall Street when just 30 minutes after trading begins at $35 per share, the price per share hits $89 – the most meteoric rise ever. The stock price closed at $71.25.

Genentech—trading then under the symbol GENE—was the first biotechnology company to go public, and set the pace for a series of heady biotech IPOs that defined the era. Co-founder Bob Swanson later said the decision was made not only because the company needed money to continue developing its technology and medicines, but also because it wanted its IPO to set the tone for the industry, which was attracting new players. “