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Biotech Led by 29-Year-Old CEO Now Worth Billions With No Sales

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What's Behind the Soaring Pay for Biotech Executives?

Investors are giving Axovant Sciences Ltd. an almost $3 billion valuation after its public-market debut. Not bad for a company that is years away from making a dime of sales, if it ever does.

Axovant, which is developing one treatment for Alzheimer’s disease, raised $315 million in its initial public offering Wednesday night, the largest ever deal for a pre-revenue biotech company, according to data compiled by Bloomberg. Its shares almost doubled Thursday, yielding a market value of $2.87 billion.