A conjugate which comprises a cyclosporin moiety of formula (I) linked to one or more mitochondrial targeting groups, or a pharmaceutically acceptable salt thereof: wherein: A represents or, B represents methyl or ethyl, one Of R1 and R1 represents hydrogen and the other represents methyl, R2 represents ethyl or isopropyl, R3 represents hydrogen or methyl, and R4 represents &mdashCH2CH(CH3)CH3, &mdashCH2CH(CH3)CH2CH3, &mdashCH(CH3)CH3 or &mdashCH(CH3)CH2CH3.
