A drastic risk-off pullback in the public market can close an IPO window while private biotechs aspiring for either a public debut or an acquisition by big pharma may be stymied by their stale valuations.

Artios Pharma rides the wave of DDR enthusiasm following the recent signing of big pharma partnerships with a financing to bring its first-in-class cancer treatments into the clinic.

With the number of deals being inked in biopharma continuing apace, the UK firm spoke to Scrip about how to negotiate the line between what big pharma wants and what a biotech is likely to get.