The US firm is getting its hands on eight programs from two of the world's leading drug makers, seeing an opportunity in areas such as antibiotics where solutions may be more likely to come from biotech rather than big pharma.

With their first collaboration producing the potential blockbuster Praluent and other near-market medicines, Sanofi and Regeneron are likely hoping they can repeat the trick with a new $2bn-deal covering immune-oncology.

In an exclusive interview, Alexion R&D head John Orloff takes In Vivo on a tour around the company’s rejuvenated pipeline and explains how the business is innovating to pre-empt the Soliris-shaped hole in its balance sheet.