Amgen’s Imlygic was approved last year – a move that finally added onco­lytic viruses (OVs) to the healthcare toolkit. Although the treatment’s scope of application as a stand-alone therapy is limited, many are viewing the event as Ground Zero for an explosive new age in medicine. Evidence is mounting that the full potential of virotherapies can only be realised in combination with other immuno­therapies, chemotherapies or small-molecule therapies. A number of other European drug developers have now jumped on Amgen’s bandwagon.

Early January saw a few indicators that stock markets might deliver some solid biotech results in 2016, even if it wasn’t destined to be a hallmark year for the industry. But then, in the weeks that followed, the situation began to deteriorate. Now it looks like European biotech companies might have to start coming to terms with a closing IPO window.