Biontech and ADC Therapeutics are both heading towards substantial flotations, but it is hard to find evidence that bigger does better.
With few pipeline catalysts this year the pressure is growing on Lundbeck's new chief executive, Deborah Dunsire, to deliver a deal. But the company only has $5bn to spend.
Takeda's appetite for risk in early stage neuroscience could make it one to watch.
Biotechs raised $3.9bn in IPOs across 2017, signalling that investor interest in new issues has returned.