On this week’s episode, Daphne Zohar, Bruce Booth, Sam Fazeli, Brian Skorney, Yaron Werber, and Eric Schmidt kick off with market updates, noting that the XBI is showing signs of a sustainable recovery after years of underperformance and highlighting that the IPO market is likely closed for the remainder of the year, but note optimism for early 2026. In deal news, Novartis’ $12B acquisition of Avidity is spotlighted as an unprecedented move for a company yet to read out Phase 3 data. The co-hosts also speculate on what this acquisition could mean for Dyne Therapeutics, has a similar RNA-based pipeline in rare muscle disease. Next, Daphne highlights that some of the biggest M&A deals of the year have come from women-led companies - including Avidity. The conversation then shifts to Novo Nordisk’s surprise $9Bbid for Metsera, which challenges Pfizer’s existing $7.3B deal and raises questions about Novo’s intentions. In policy news, manufacturing issues at Novo's Catalent Indiana facility and the impact on the sector are mentioned. The episode concludes with a group discussion around Bruce’s lessons from his 20 years in early-stage biotech. *This episode aired on October 31, 2025.
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Episode 160 - October 24, 2025
On this week’s episode, Chris Garabedian, Brian Skorney, and Sam Fazeli open with optimism about the biotech market, predicting an upcoming acceleration in IPO activity. In deals and financing news, the co-hosts discussed Summit Therapeutics’ $500 million raise, with more than half coming from insiders, and continued momentum in M&A, including Alkermes’ $2.1 billion acquisition of Avadel for its narcolepsy drug. The group also highlighted Takeda’s $1.2 billion oncology deal with Innovent. European biotech funding showed positive signs, evidenced by Tubulis’ $360 million Series C. Next, the co-hosts recapped ESMO, spotlighting Summit and Akeso’s NSCLC data, Incyte’s KRAS G12D inhibitor, and Arcus and AstraZeneca’s TIGIT data. The episode concluded with additional data readouts, including mixed results from Alector and GSK’s dementia drug, and Moderna’s CMV mRNA vaccine results. *This episode aired on October 24, 2025.
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Episode 159 - October 17, 2025
On this week’s episode, Paul Matteis, John Maraganore, Eric Schmidt, and Graig Suvannavejh open with a look at biotech market sentiment, which has notably strengthened amid steady M&A and successful drug launches. The XBI is also up over 40% in six months, signaling optimism that the long “biotech winter” may be ending. While cautious, the co-hosts agree the recovery feels sustainable. The group then discussed the IPO and private financing landscape, noting a more mature crop of companies could drive strong IPOs in 2026. On the regulatory front, the co-hosts discussed the FDA’s announcement of nine voucher recipients under the new Commissioner’s National Priority Voucher (CNPV) pilot program. President Trump’s comments on reducing GLP-1 pricing were also noted. In M&A, BioCryst’s ~$700B acquisition of Astria Therapeutics was seen as a healthy sign of industry consolidation. The FDA’s OAI letter to Novo Nordiskalso has implications for Scholar Rock and Regeneron. In data news, Praxis’ positive essential tremor results were highlighted as a win in the CNS space, showing strong data can drive meaningful raises. Next, John recapped his STAT Summit panel with Chris Viehbacher and Emma Walmsley on the hurdles the pharma industry has faced and the next decade ahead. Bicara Therapeutics’ breakthrough therapy designation in head and neck cancer was another sentiment boost. The group also previewed Alector’s upcoming Phase 3 readout in frontotemporal dementia. The episode closed with excitement heading into ESMO this weekend. *This episode aired on October 17, 2025.
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Episode 158 - October 10, 2025
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.
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Episode 157 - October 3, 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.
A weekly discussion of all things biotech – breaking news, data, deals, and FDA actions – with a community of biotech industry leaders and experts. Join the live streams hosted by @BiotechCH, @daphnezohar, @bradloncar and @biotech1 on Twitter Spaces every Friday at 12pm ET.
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