BERLIN – The biotech industry is still cooling down from the high temperatures it reached in 2014 and 2015. R&D-stage acquisition deals and R&D-stage out-licensing deals are both well off their recent peaks, David Thomas, senior director, industry research and analysis at the Biotechnology Innovation Organization (BIO) told delegates at his customary state-of-the-industry presentation at the kick-off morning plenary session at BIO-Europe.