A sudden increase in seed and series A funding bodes well for the year ahead.
The success of previous forays into the clinical co-development space has enabled the UK venture firm to raise its biggest fund yet.
But financing sizes have grown by a similar amount on both sides of the Atlantic.
After revealing plans to buy one of its holdings out of a Spac, Roivant itself moves towards a blank-cheque company listing.
Many corporate-backed funds remain enthusiastic venture investors, but some might be hitting the brakes.
With a record $7.1bn raised in the first quarter the cash available to private drug developers shows no signs of drying up.