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Merrill and JP Morgan lead largest US biotech IPO of 2004

Merrill Lynch and JP Morgan led the initial public offering (IPO) of Kinectic Concepts, the largest US biotech flotation this year, which saw shares rise 29% on the morning of its first day's trading.

The IPO of the medical technology firm raised $540m (€429m) and continues the strong performance posted by US biotech IPOs this year.

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