Biotechnology initial public offerings (IPOs) are picking up in Europe, and analysts expect to see more: Biovector Therapeutics (Labege, France), which develops drug delivery technology, hoped to raise €4 million ($4.4 million) on the Nouveau Marché in February, as Nature Biotechnology was going to press; MorphoSys (Munich) plans to raise about $30 million on the Neuer Markt in an offering on March 9; and Phytera (Worcester, MA), which manipulates genomic expression and metabolic pathways in plant cells and marine microbes, is planning to float on Easdaq within the next three months. "This year we can expect half a dozen [biotechnology IPOs] to come through," says Nick Woolf, a senior analyst at BancBoston Robertson Stephens (London). These include Evotec (Hamburg, Germany), which offers high-throughput screening services, on the Neuer Markt, and the genomics firm deCode Genetics (Reykjavik) on the Copenhagen Exchange. Woolf also sees an increasing number of US companies choosing to list on European exchanges, but warns that "European investors may be wary if they perceive US companies as opportunistic." He suggests US firms follow Phytera's example and establish European subsidiaries if they want to raise money in Europe.