On this week’s episode, Daphne Zohar, John Maraganore, Mike Yee and Sam Fazeli begin the show recapping JPM ’25, noting investor sentiment was muted and concerns on interest rates have contributed to mixed market sentiment. In terms of deals, three M&A transactions were announced this week including J&J’s plans to buy Intra-Cellular Therapies for $14B, Gilead’s $250M preclinical asset acquisition and GSK’s $1.2B deal with IDRx. Commenting on a challenging IPO market, the group discusses that more private companies are being acquired due to market difficulties and the overvaluation of public companies. The hosts are joined by BIO CEO John Crowley to discuss China’s role in biotech and policy initiatives, FDA reforms and the impact on the biotech industry, and more. This episode aired on January 17, 2025.