In the recent crisis between Turkey and the US, the Turkish lira went down in value against major currencies, including the euro. In Turkey, product prices are determined on the basis of the euro, for which the government applies a fixed rate. As the difference between the two conversion rates grows, companies lose out forcing the industry to search for ways to cut its losses.

With its 2015 third fund Forbion Capital III yielding an internal rate of about 65% and already returning 60% of the money it drew down back to investors, it is probably no surprise that Forbion exceeded its €250M target for its predominantly Europe-focused Forbion IV fund within two months of marketing.

Eight EU marketing authorization applications are up for an opinion this week from the CHMP, the European Medicines Agency committee that recommends whether or not products should be approved.