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.