A staggering amount of money is flowing into new companies with promising new technologies, many of which will lead to innovative new drugs. There have been 32 biotech IPOs on the Nasdaq exchange in 2018, and dozens more have raised nine-figure sums privately. The recent surge in biotech investment is terrific for the pace of innovation, but that capital isn't heading toward the industry's bigger older players, a couple of which are looking mighty underappreciated right now.