Biontech and ADC Therapeutics are both heading towards substantial flotations, but it is hard to find evidence that bigger does better.
Axovant is the latest company to benefit from excitement over gene therapy data in small numbers of patients.
Moderna’s upsized IPO is the biggest-ever for a pre-commercial biotech. But its share price has fallen in early trade on its first day.
Almost $2bn was raised by drug developers in the third quarter, a period that witnessed two of the largest flotations of pre-revenue companies in recent years.
Annual analysis shows a new crop of biotech assets with ballooning valuations and no major partners.
Axovant's need to rebuild its pipeline is benefiting gene therapy developers.
Axovant transforms itself into a new gene therapy company with an old Oxford Biomedica product.
A golden age for biotech flotations yielded some spectacular blow-ups, but also saw several groups reward investors with premium-priced takeovers.