Drug discovery is getting harder, and some companies are turning to machine learning to look for new targets.
Epigenetics has so far failed to live up to the hype. But one UK player, Storm Therapeutics, still hopes to make a mark in a new field, RNA therapeutics.
Immunocore and Adaptimmune could shortly have a publicly listed rival.
Takeda's appetite for risk in early stage neuroscience could make it one to watch.