While 2024 has seen two buyouts of antibody-drug conjugate specialists with $1bn-plus price tags, the focus on ADCs has continued, accounting for almost half of recent oncology deals.

Plus deals involving Lilly/Oblique, Rafael Holdings/Cyclo, ADCendo/Multitude, Ocuvex/Visiox and more.

“I'm a strong believer in creating the right mix between young ambitious people and pairing them up with someone experienced,” says Jeroen Bakker, who is focused on biotech company creation at Seed Investments, Novo Holdings.  

Private Company Edition: Amplitude Ventures raised $192m for its second fund, while XGEN Venture debuted with €160m ($173.4m). Also, hub-and-spoke biopharma operator CinRx added $73m, Adcendo extended its series A round to €98m ($106.2m) and Grey Wolf raised $50m.