SR One will keep investing in a mix of new companies, early-stage firms and later opportunities with its second fund, raised even as biotech continues to endure challenging financial times.

Pfizer expects its acquisition of Seagen to result in $10bn in new revenue by 2030 as the big pharma applies its resources to the target company’s pioneering antibody-drug conjugate technology.

While reproductive medicine and maternal health remains the mainstay for the Swiss group, Ferring president Per Falk says the approvals of the microbiome treatment Rebyota and bladder cancer gene therapy Adstiladrin represent "important avenues for exploration and growth."

Pfizer and Seagen reportedly are in merger discussions, signaling Pfizer’s willingness to invest significantly in antibody-drug conjugates (ADCs) for cancer.