Biontech and ADC Therapeutics are both heading towards substantial flotations, but it is hard to find evidence that bigger does better.
The buoyant biopharma IPO scene set several new records in 2018, a notable achievement given the stock market turmoil of the fourth quarter.
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.
Cell and gene therapy companies dominate the first quarter, but companies outside these fashionable areas are finding it harder to charm VCs.
In terms of venture financing, activity in 2017 outpaced that at the height of the biotech boom in 2015, with 68 biotechs attracted rounds of $50m or more.
The trend for VCs to pile in to bigger, later rounds might just be weakening.