pharmas to access innovation, particularly in novel modalities where biotech companies have been at the forefront of discovery efforts. ADCs and multispecific antibodies now For these modalities, BD&L is often a more viable strategy than development of in-house capabilities, given the need for validated technology platforms and highly specialised expertise. Conversely, cell therapies, which represented c.25% of deals as recently as 2021, challenges in development, access and commercialisation of these therapies.