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.

The firm’s BTK inhibitor tolebrutinib has been put on clinical hold by the US FDA following liver injuries, but advanced trials should continue as normal since most patients have passed the 60-day mark.

BTK inhibitors are in late-stage development for multiple sclerosis, with Merck KgAA and Sanofi in the lead and Roche and Novartis close behind.

Sanofi has transformed the productivity of its R&D pipeline over the past several years, and late-stage clinical data readouts are expected in the second half of this year for new anticancer drugs, a candidate pemphigus therapy and a COVID-19 vaccine.