COPENHAGEN – The fog that wafted in from the Baltic and shrouded the city of Copenhagen early Monday was just a fog. It had no additional significance as a metaphor for the current state of Europe's biotechnology sector. European firms – particularly those listed on Nasdaq – are playing their part in what will be a record-breaking or near-record-breaking year for the global biotech industry in terms of equity financing, M&A transactions, drug licensing deals and drug approvals. The confidence among some of Europe's biotech industry leaders was palpable during the opening sessions of BIO-Europe, notwithstanding the downward stock market plunge in October, triggered by President Trump's and Health and Human Services Secretary Alex Azar's pledge to introduce international reference pricing to the Medicare Part B drug payment scheme.