Who on earth bought into that IPO? Who priced it? Did they really just spend 5mm on rights to a drug, put it in a shell company, and then convince the public vi

Who on earth bought into that IPO? Who priced it? Did they really just spend 5mm on rights to a drug, put it in a shell company, and then convince the public via IPO that it was worth 1.3+ billion? This sounds like a pump and dump or money extraction scheme. I imagine it was mostly sold to pensions, etc.