The German major has pinned its early-stage research colors to the masts of oncology, cardiovascular, neurology, rare diseases and immunology, representing a shift away from rather than an abandonment of women’s health.

Private Company Edition: Flare Therapeutics, targeting transcription factors to discover precision medicines, had big pharma backing for its second venture capital financing. Also, Mediar closed a $10m series A round, Switch launched with $52m and EpiBiologics raised a $50m series A round.

“We're looking at opportunities almost on a weekly basis,” Bayer’s pharma chief Stefan Oelrich told Scrip as the German major posted a solid set of financials for the fourth quarter.

During Q4, biopharma merger and acquisition value reached $35.7bn and drew in $62.1bn in potential deal value from alliances. Device company M&A values reached $19.2bn, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $4.8bn.