But financing sizes have grown by a similar amount on both sides of the Atlantic.
Large numbers of blank-cheque groups are seeking deals, but the bloom might be coming off the rose.
A Her2-positive cancer is the setting for a Keytruda triplet that could influence the trial design of some immune-stimulating agents.
If imminent results of Sanofi’s amcenestrant in Ameera-3 are positive Serds could finally see late-stage validation.
May will see US FDA decisions for Apellis, Heron and Bristol Myers Squibb, while Provention Bio is set for a panel meeting.
Amryt marches ahead, but gene therapies from Krystal, Abeona and Castle Creek are heading towards data readouts.
The new group reckons it has the most selective Tyk2 inhibitor yet. Patenting it is another issue.
Very early stage deals could be the way for C4X to avoid the funding desert that has scuppered so many other UK biotechs.
Prilenia’s pridopidine is the last big late-stage hope in the disorder, but it already failed phase 2, and phase 3 under the name Huntexil.