
Biotech Hangout Episode 170 - January 23, 2026
Jan 23, 2026
The conversation covers a bullish case for biotech driven by macro stabilization, M&A activity, and a reopening IPO market. They debate FDA unpredictability, valuation risks, and geopolitical headwinds from the U.S. withdrawal from the WHO. Recent deals and data sparks are highlighted, from GSK and Janux collaborations to Corvus’s atopic dermatitis results. Growing momentum and investment in women’s health are also discussed.
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Episode notes
Macro + M&A Drive Biotech Upside
- Tim argues biotech optimism rests on stabilized macro and renewed M&A activity driving higher valuations.
- He believes new pricing benchmarks for large-market drugs will reshape the industry for a decade.
New Pricing Regime Expands Markets
- Tim highlights a new pricing regime where large-market drugs target medium prices rather than ultra-high niche pricing.
- He says the Lilly‑Novo agreement effectively set a lower benchmark that expands drug market size and revenue potential.
Pick Quality IPOs Over Speed
- Monitor IPO quality as the window reopens and avoid crowning the first tranche as representative.
- Favor later‑stage, de‑risked companies to protect long‑term market credibility.
