Our first topic is antibody drug conjugates (ADCs), a new approach to treating cancer that recently resulted in multiple business development opportunities and M&A transactions aimed at acquiring competences and skills in the field. If the number of ADCs approved and launched is increasing, we are only at the beginning of what could be a revolution, with the ultimate goal being to partially replace chemotherapy in therapeutic cocktails. This would be transformative for medical practice and patients and could create a sizeable market in which some companies are already playing
for first-mover advantage. The first winners in this race can already be identified.