The Readout Loud 364: Closing a zombie biotech, and Lilly's disappointing obesity readout
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Aug 7, 2025 In this episode, Natalie Holles, former CEO of Third Harmonic Bio, shares her insights on the tough decisions behind dissolving the company and returning cash to shareholders. She discusses the challenges of biotech leadership amid failures, including Eli Lilly's disappointing obesity drug results and Replimmune's FDA rejection. Holles emphasizes the importance of transparency and data-driven approaches in the industry. The conversation wraps up with a humorous take on the challenges of balancing personal life with professional aspirations in biotech.
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Third Harmonic's Tough Market Reality
- Natalie Holles shared how Third Harmonic Bio faced a competitor's spectacular phase one data that devastated their market value.
- Despite having capital, the external competition forced the company into existential discussions about shutting down.
New Openness Around Biotech Shutdowns
- Board deliberations on biotech shutdown included options: keep going, sell/merge, or give money back.
- Returning capital to investors opened a new conversation in biotech about transparent shutdowns.
Balancing Stakeholders in Biotech
- Biotech CEOs must balance serving patients, shareholders, and their teams.
- Natalie Holles decided shutting down was best for patients, investors, and employees when prospects dimmed.