Following a record-shattering year, terms were set for the first two biotech IPOs of 2021 in deals that could generate up to $300 million. Cullinan Oncology LLC, of Cambridge, Mass., set terms Jan. 4 for raising about $150 million by pricing 8.3 million shares in the $17 to $19 range. Gracell Biotechnology Ltd., of Shanghai, also set the terms for its U.S. IPO Jan. 4. The CAR T-cell developer looks to raise $150 million by offering 8.8 million American depositary shares in a range of $16 to $18 each.