

370: Pharma sours on the U.K., plus biotech M&A's quiet roll
31 snips Sep 18, 2025
Andrew Joseph, STAT's European correspondent, sheds light on significant pharma pullbacks from the U.K., revealing why giants like Merck and GSK are shifting their investments elsewhere. He analyzes the pricing tensions and the impact of U.S. investment strategies on the U.K. life sciences landscape. The discussion also covers Roche's bold $3.5 billion acquisition of 89bio, reflecting a trend of steady biotech M&A activity and improving market sentiment, providing listeners with a clear perspective on industry dynamics.
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Roche's Cost-Conscious MASH Play
- Roche bought 89Bio to enter the MASH space via an FGF21 agonist and pay a lower price than other rivals.
- The deal reflects strategic, cost-conscious entries into crowded cardiometabolic targets.
Competitive Dynamics In MASH Therapies
- 89Bio's candidate is an FGF21 agonist in a class competing with Akiro and Madrigal's different-mechanism drug.
- Competitive dynamics may allow combination therapies or debate over superior classes.
Many Small Deals Add Up
- Smaller, repeated M&A deals have added up to substantial industry spending this year despite few mega-deals.
- Analysts project 2025 could be the strongest M&A year since 2019 driven by many mid-size transactions.