Biotech Hangout

On this week’s episode, Tess Cameron, Brian Skorney, Sam Fazeli, Yaron Werber, and Luba Greenwood, kick off with a pop quiz on the last time the $XBI hit 105 (spoiler, it was 2021) driven by recent positive news. The co-hosts highlight a steady rate of M&A activity, including Novo Nordisk’s acquisition of Akero Therapeutics highlighting continued interest in metabolic conditions and BMS’ acquisition of Orbital Therapeutics reflecting growing momentum around in vivo CAR-T delivery platforms. The LB Pharma and MapLight IPOs are also mentioned. The conversation shifts to AI pharma deals, spotlighting AstraZeneca’s partnership with Algen Biotechnologies and Sanofi’s collaboration with BenchSci, both designed to accelerate discovery and target identification. In other financing news, the co-hosts cover Nilo Therapeutics’ $101 million Series A financing and the debut of Ascenta’s $325 million biotech fund. In data news, the group covers Arcus’ HIF-2a monotherapy data in kidney cancer, Dyne Therapeutics’ encouraging results in DM1, and Ionis’ pipeline and platform updates presented at its Innovation Day. The episode concludes with Lexeo Therapeutics’ regulatory updates for its Freidreich’s ataxis gene therapy and discussion on Peter Marks’ transition from the head of CBER to Eli Lilly, noting the pharma-agency “revolving door.” *This episode aired on October 10, 2025.

On this week’s episode, Eric Schimidt, Sam Fazeli, Brian Skorney, Yaron Werber, and Brad Loncar open withmacro news including Pfizer’s deal with the White House on U.S. drug manufacturing and pricing, which helped shelve the Most Favored Nation pricing and looming tariffs. The co-hosts agreed it was a savvy move that secured goodwillfor the industry and gave investors confidence, leading to new XBI highs. Discussion then moved to regulatory updates with the new CDER head, George Tidmarsh, stirring controversy with now-deleted LinkedIn posts criticizing surrogate endpoints. Combined with recent CRLs on CMC grounds, the group debates inconsistency at the agency and top-down decision-making that adds uncertainty for companies and investors. In M&A, Genmab’s $8 billionacquisition of Merus and competitive dynamics with Bicara are mentioned, along with whether the streak of weekly biotech deals marks a broader industry trend. In data, the co-hosts discussed MoonLake’s hidradenitis suppurativa data and stock moves, Larimar’s Friedreich’s ataxia data and stock fall, along with Enanta’s RSV data and big stock reversal. The episode concludes with a look ahead as the group discusses Q4 conferences, including ESMO, and Q3 earnings risks forcertain companies. *This episode aired on October 3, 2025.

On this week’s episode, Sam Fazeli, Eric Schmidt, PaulMatteis, Brian Skorney, and Brad Loncar dive into what was a positive week for biotech, marked by M&A, offerings, and compelling clinical data, spotlighting Pfizer’s acquisition of Metsera. The conversation shifts to data, starting with UniQure’s three-year Huntington’s disease gene therapy results and Acadia’s Phase 3 results in Prader-Willi syndrome, and the implications for Soleno and Rhythm Therapeutics. Next, the co-hosts overview Stealth Bio’s approval in Barth syndrome and signs of the FDA’s flexibility. Cidara Therapeutics’ influenza prophylaxis antibody and enthusiasm around the Phase 3 results are also discussed. Additionally, positive data from MBX in chronic hypoparathyroidism and PepGen in DM1 further showcase biotech’s rebound, with positive stock reactions. The episode closes with a look at what’s happening at the FDA (some flexibility in rare diseases, CRLs), the latest MAHA press conference – discussion around Tylenol & autism specifically -- and public trust in science. *This episode aired on September 26, 2025. 

On this week’s episode, Daphne Zohar, Josh Schimmer, Luba Greenwood and Matt Gline open with a look at overall market sentiment, spotlighting Stifel’s bullish report on the biotech sector’s nice recovery since April’s “liberation day” with the XBI up over 40%, the recent wave of M&A activity, and the Biotech Winter. The co-hosts then highlight recent deals, including Roche’s $3.5 billion acquisition of 89Bio and Novartis’s $5.7 billion licensing agreement with Monte Rosa Therapeutics. In data news, the group overviews aTyr Pharma’s Phase 3 results in pulmonary sarcoidosis, with Matt Gline sharing perspective on the therapeutic area after Roivant’s similar fate. Next, long-versus-short dynamics around biotech data readouts are highlighted, along with positive data sets from Areteia and Apollo. Matt also details Roivant’s positive Phase 3 results in dermatomyositis. The conversation then turns to big pharma’s exodus from the UK, as several companies including Merck, AstraZeneca, and Eli Lilly scale back large investments. The co-hosts explore possible causes for the pullback, such as heavy regulation and tax incentives holding back innovation. Michal Preminger joins the discussion to share her unique insights on UK and US biotech hubs and draws attention to the Massachusetts paradox and the impact on the biopharma industry. *This episode aired on September 19, 2025

On this week’s episode, Chris Garabedian, Tess Cameron, EricSchmidt, Sam Fazeli, and Brad Loncar open with a look at the market environment as biotech sees its first IPO since February -- LB Pharma -- and financings, including Maze’s $150M PIPE and Rapport’s $250M follow-on. The co-hosts discuss improving sentiment around rates, the $XBI, and insights from conversations at the HC Wainwright conference. Novartis’ $1.4B acquisition of Tourmaline Bio and broader deal-making dynamics are also highlighted. On thepolicy front, the group examines the latest China biotech news, including a draft executive order from the Trump Administration. The co-hosts debate access, geopolitical concerns, and the FDA’s slower trial-startup process. Indata news, the co-hosts examine Revolution Medicines’ pancreatic cancer therapy, emerging small-cell lung cancer data from the World Conference on Lung Cancer, Summit’s mixed readout and market reaction, and promising newnarcolepsy data from Takeda and Alkermes. Dianthus’ positive generalized myasthenia gravis results are also highlighted. Regulatory and safety updates cover the FDA’s withdrawal of Intercept’s liver drug, a patient death in Capsida’s gene therapy trial, Soleno’s FAERS-related stock drop, SEC action on Fibrogen data manipulation, and cancellations of several FDA ad comms raising transparency questions. The episode concludes with a discussion on BridgeBio accusing Alnylam and Pfizer of aggressive tactics in the ATTR-CM market, Arena Bioworks appointing veteran Harvey Berger as CEO, and Novo Nordisk’s 11% workforce reduction. *This episode aired on September 12, 2025.

On this week’s episode, hosts Paul Matteis, Sam Fazeli, John Maraganore, and Graig Suvannaveijh kick off the discussion with a more positive look at the sector and some of the fundamental factors at play. The group then shares an overview of Sanofi’s 10% stock fall on the back of positive Phase 3 eczema data with worries about the Dupixent patent expiry. The discussion then turns to Insmed, a company that has had a monster year with the stock up 100% and a market cap of over $30 billion market. On the data front, the group highlights ApoC3 data from Ionis and Arrowhead at the European Society of Cardiology Congress 2025, which leads into a discussion around ASO versus RNAi. With multiple obesity readouts in recent weeks, the group theorizes on whether obesity is a zero sum game. It’s a big year ahead for AD readouts and the hosts summarizes some important catalysts on the horizon. Other discussion topics include the launch of Corsera Health for cardiovascular prevention, Trump’s Truth Social post on vaccine data, RFK Jr in front of congress, and public concern around access to vaccines. This episode aired on September 5, 2025.

On this week’s episode, Josh Schimmer, Eric Schmidt, and Tess Cameron kick off with policy, discussing Vinay Prasad’s return to the FDA and the implications for the biotech industry. The conversation turns to NIH’s Jay Bhattacharya, who attributed the decline in public trust in mRNA vaccines to perception rather than safety or efficacy, citing this as the reason to curtail funding. In market trends, the co-hosts discuss investor blind spots, specifically near-term product launches. Next, the group examines whether rising drug prices are sustainable and the six-month IPO drought. They also debate how non-commercial companies approach earnings calls, pointing to Summit Therapeutics’ choice to skip its Q2 call and whether most development-stage biotechs should follow suit. ARS Pharmaceuticals’ earnings/epinephrine nasal spray launch and RTW Investments deal with Aquestive Therapeutics are also overviewed. The episode concludes with data news, covering Insmed’s lung disease approval and Sarepta’s safety update. *This episode aired on August 15, 2025.

On this week’s episode, Grace Colón, John Maraganore, Paul Matteis and Eric Schmidt dive in with a discussion on policy news, including the pharma tariffs and latest on the Trump administration’s Most Favored Nations drug pricing plans. The co-hosts then question if Vinay Prasad has a path back to the FDA and express hope for someone more centrist if he does not return. They also mention the CRLs for Scholar Rock and Regeneron were due to manufacturing issues. Continuing with policy news, they cover RFK Jr.’s decision to cancel ~$500 million in Biomedical Advanced Research and Development Authority (BARDA) contracts related to mRNA vaccine development. In data news, the group discusses Vertex’s latest non-opioid pain data and the company’s future in this therapeutic area. Next, the co-hosts highlight Alnylam’s recently approved treatment for cardiomyopathy, noting it has surpassed consensus estimates and predicting mega-blockbuster status. A recent report on patient deaths among those who took Agios’ Pyrukynd for anemia - though determined to be unrelated to the drug - is also discussed. The co-hosts then review Biogen’s new “ventures” team, and the episode concludes with an overview of Novartis and Avidity deal rumors. *This episode aired on August 8, 2025.

On this week's episode, Daphne Zohar, Josh Schimmer, Brian Skorney, Paul Matteis, Sam Fazeli, Brad Loncar, and Matt Gline cover top news surrounding Trump's pricing letters to 17 major pharma companies demanding U.S. price cuts on new drugs, and the relevance to his MFN initiative. They also touch on Dr. Mehmet Oz’s meetings with biotech leaders in D.C. and looming tariff risks. The group discusses Vinay Prasad’s departure from CBER, opining on implications for biotech, and sharing insights from the CEO listening session with Marty Makary and George Tidmarsh. Next, they review the latest Sarepta news, including Vinay Prasad’s response to the patient deaths and broader credibility themes. To close out the regulatory discussion, RFK Jr.’s proposal to overhaul the Vaccine Injury Compensation Program (VICP) is discussed. In deals and restructuring news, the co-hosts unpack the GSK-Hengrui partnership amid China outlicensing trends, BMS/Bain’s new spinout company, Galapagos’s restructuring plans, and AbbVie’s reportedly targeting a $1B buyout of Gilgamesh. They also highlight drug launch momentum, with strong quarters from Alnylam, Argenx, and Neurocrine, challenging the “shorting the launch” thesis. The conversation shifts to data with Roche’s Alzheimer’s updates and expectations around Lilly’s abeta prevention study, touching on implications for the anti-amyloid class and Biogen’s outlook, including rising use of blood-based biomarkers and earnings commentary. They also discuss Compass’s regulatory strategy for psychedelics. The episode concludes with each co-host reflecting on market sentiment and the industry’s current state. *This episode aired on August 1, 2025.

On this week’s episode, Eric Schmidt, Paul Matteis, Sam Fazeli, and Brian Skorney begin with a recap of the week’s Sarepta news, covering their initial refusal then agreement to pause Elevidys shipments, if it can return to the market, the broader lessons for the biotech industry, and the communication breakdown between Sarepta and the FDA. Continuing with regulatory news, the group discusses the appointment of George Tidmarsh as the new CDER director and his role within FDA leadership. The conversation then turns to Replimune’s CRL for RP1 melanoma, Prasad’s likely influence in the rejection, and the impact on the investment community. In data news, the group overviews Alkermes’ positive Phase 1 data for its orexin 2 receptor agonist for type 1 narcolepsy, along with the safety controversy, and Abivax’s Phase 3 ulcerative colitis data and stock spike. Prime Medicine’s decision to reprice shares and strategies for better talent retention is also highlighted. The episode concludes with a brief overview of first-half 2025 licensing data, Roche earnings, and AstraZeneca’s $50 billion U.S. investment. *This episode aired on July 25, 2025.