CEO Werner Baumann admits he was skeptical at first as to whether the German group had the necessary know-how to manufacture vaccines but the firm's expertise in the development of biotech products has strengthened his belief Bayer can deliver.

The Leverkusen-based firm has been touting the potential of its pharmaceutical pipeline which it hopes will be able to help soften the blow of patent expiries on the blockbusters Xarelto and Eylea in the next few years.

The investment is the latest in Bayer’s series of moves into cell and gene therapy, amid growing industry interest in CAR-NKs.

The last six weeks have seen the acquisition of AskBio, the launch of a dedicated cell and gene therapy unit and a CAR-T pact with Atara. Bayer is taking the space very seriously.