During Q3, biopharma merger and acquisition value reached $15.4bn and drew in $37.6bn in potential deal value from alliances. Device company M&A values reached $550m, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $1.9bn.

Many gene therapies companies have faced R&D and financial problems this year but the longer term potential of the field and low prices might tempt big pharma into deals.

The start-up will secure $70m from Genentech, after closing a series B financing, while it moves its first CAR-T program into the clinic for ovarian cancer later this year.

The height of the summer saw eight $1bn plus deals penned, including those by Pfizer and Roche.