The company is struggling to grow revenue, and the biggest of its four key late-stage assets had a setback, but novel technologies are fueling an R&D strategy shift towards high potential programs.

Astellas’s fezolinetant is already on the market but Bayer is confident its non-hormonal menopause drug elinzanetant will be able to catch up on the back of demonstrating significant reductions in the frequency and severity of hot flashes in a couple of Phase III trials.

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.

Mid-sized M&A, collaborations, creative financing, and biotech consolidation will feature in 2023. IPOs and follow-ons play bit-parts.