Biotech Hangout

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Episode 137 - April 4, 2025 Apr 18, 2025

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On this week’s episode, Eric Schmidt, Brad Loncar, Yaron Werber, Paul Matteis, and Nina Kjellson discuss impact of tariffs on biopharma relative to other sectors, FDA updates and bright spots, data, and fundraising. The episode opens with a conversation on tariffs and the upheaval and shifts at the FDA, including the departure of Peter Marks, former director of the FDA’s Center for Biologics Evaluation and Research, which has the group concerned over loss of institutional memory, history, and the ability to meet deadlines. The conversation shifts to the measles outbreak, noting concerns about public health and future regulation due to HHS reorganization plans and perceived industry inaction. The group then discusses data, including Vaxcyte’s underwhelming Phase 2b data, and hopes to avoid negative vaccine sentiment. Additionally, Eli Lilly’s Phase 2 data for its siRNA-based therapeutic to lower lipoprotein(a) showed promising results and Amgen and Novartis are conducting their own Phase 3 trials for Lp(a). The episode concludes with a discussion on Isomorphic Labs, which raised over $600 million, with the group praising the investment in early-stage discovery science and expressed hope that it will facilitate the company’s transformation of technology into drugs. *This episode aired on April 4, 2025.

Episode 136 - March 28, 2025 Apr 18, 2025

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On this week’s episode, Chris Garabedian, Tim Opler, Bruce Booth, and Sam Fazeli discuss the current investor mood, a PIPEs retrospective, and the contraction of new startups. The episode opens with a conversation on the biotech market updates, which have been driven by economic uncertainty and shifting investor sentiment, noting that macroeconomic factors continue to weigh on performance of biotech stocks in the market. Regulatory discussion centers on recent HHS personnel cuts, and the confirmations of FDA and NIH leaders. The conversation shifts to data with Soleno Therapeutics’ Prader-Willi drug approval, oncology readouts, and presentations at the European Lung Cancer Congress 2025. Tim Opler also discussed findings from a recent aging report. On the global front, China’s role in biotech continues to expand, with an increasing share of large pharma molecules originating from the country. The episode concludes with a look at obesity drug deals, including a major partnership with a China-based biotech and a preclinical asset with a novel mechanism targeting satiety and energy expenditure. *This episode aired on March 28, 2025.

Episode 135 - March 21, 2025 Mar 31, 2025

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On this week’s episode, Sam Fazeli, Eric Schmidt, and Brian Skorney are joined by Roivant’s Matthew Gline to discuss data, deals and the latest policy updates. The episode kicks off with concerns over potential U.S. Department of Health and Human Services (HHS) funding cuts for domestic HIV programs, with the group analyzing the impact on companies like Gilead and GSK, whose HIV prevention drugs have driven significant investor enthusiasm. They then discuss the uncertainty surrounding the new administration’s commitment to public health initiates, considering Robert F. Kennedy Jr.’s appointment as HHS Secretary and his past controversial views on vaccines and HIV prevention. The conversation then shifts to data, including positive results from Immunovant and Roivant’s Phase 3 study of batoclimab for myasthenia gravis. The group also examines the surprising absence of short sellers engaging with Roivant post-data release, highlighting shifts in biotech trading strategies. In the muscular dystrophy space, new exon-skipping therapies from Avidity and Dyne show unprecedented dystrophin restoration, suggesting potential functional benefits. However, the tragic death of a patient treated with Sarepta’s gene therapy, Elevidys, reignites concerns about accelerated approvals and the FDA’s risk-benefit calculus in rare disease research. On the deal-making front, AstraZeneca’s $425M acquisition of stealth-mode cell therapy startup EsoBiotec and Sanofi’s $600M deal with Dren Bio underscore biotech’s valuation disconnect, where early-stage private assets command premium prices while public biotechs struggle. The episode closes with insights into Alnylam’s broad label win for Amvuttra in ATTR cardiomyopathy and AstraZeneca’s $2.5B investment in biotech agreements and manufacturing in China, reflecting its long-term strategic vision despite ongoing geopolitical tensions. *This episode aired on March 21, 2025

Episode 134 - March 14, 2025 Mar 20, 2025

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On this week’s episode, Eric Schmidt, Sam Fazeli and Yaron Werber are joined by Biotechnology Innovation Organization's (BIO) John Crowley where they discuss biotech policy shifts, regulatory updates, obesity clinical trials and deal flow. The conversation begins with a focus on the obesity landscape including Novo Nordisk’s CagriSema data, Roche’s partnership with Zealand Pharma and Viking Therapeutics manufacturing agreements, signaling continued investment in the field. John Crowley then leads a conversation on policy and regulatory developments, sharing optimism about a more favorable U.S. policy environment for biotech. He highlights key priorities such as FDA modernization, PBM reforms and domestic manufacturing incentives. Crowley also notes bipartisan recognition of biotech as a strategic asset, though concerns persist around anti-science rhetoric, vaccine skepticism and regulatory challenges. Despite ongoing uncertainty, he sees more opportunities than threats for the industry. On the deal-making front, small-cap oncology acquisitions continue, with Sun Pharma acquiring Checkpoint Therapeutics and BMS consolidating its stake in 2seventy Bio. The discussion also covers biotech pipeline updates, including BioNTech’s disappointing revenue guidance and Legend Bio’s expansion of its CAR-T therapy manufacturing capacity. The episode concludes with insights into the broader biotech market, highlighting the impact of regulatory shifts, M&A activity and clinical trial data. While challenges remain, companies prioritizing innovation and execution continue to be well-positioned for long-term success. This episode aired on March 14, 2025.

Episode 133 - March 7, 2025 Mar 11, 2025

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On this week’s episode, Daphne Zohar, Eric Schmidt, Tess Cameron, Brian Skorney, and Yaron Werber discuss the state of the biotech market, emphasizing the resilience of the sector despite current downtowns. The IPO market also remains stagnant, with many companies trading below IPO prices. The conversation shifts to notable deals, including Jazz Pharmaceuticals acquiring Chimerix for $935 million and AbbVie’s move into the obesity space with its $350 million acquisition of Gubra. The group also discusses Pliant Therapeutics' discontinuation of its Phase 2b trial in idiopathic pulmonary fibrosis and Biohaven's promising results from its Phase 1 study of BHV-1300, a potential IgG degrader for autoimmune diseases. The conversation then covers BMS’ decision to terminate MRTX1133, a G12D inhibitor from its $4.8bn acquisition of Mirati Therapeutics, and the challenges independent biotech companies face post-launch, including investor skepticism and long-term value pressure. In regulatory news, the group touches on FDA and NIH Senate hearings, vaccine policy debates, and concerns over the revolving door between industry and regulatory agencies, particularly with Pfizer’s hire of former FDA director, Patrizia Cavazzoni. They also discuss the broader implications of scientific credibility and public trust in healthcare institutions. The episode concludes with insights on professional networking best practices, emphasizing clear and specific outreach strategies. *This episode aired on March 7, 2025.

Episode 132 - February 21, 2025 Feb 27, 2025

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On this episode of Biotech Hangout hosts Brad Loncar, Eric Schmidt, Tess Cameron, Luba Greenwood, and Tim Opler, along with special guest Adam Feuerstein, kick off with a discussion on ‘zombie’ biotech companies – those trading below their cash value – and whether they can be revived or should return capital to investors. The conversation then turns to Stoke’s collaboration agreement with Biogen, Solid Biosciences’ promising gene therapy data for Duchenne muscular dystrophy, and industry concerns over biotech fundraising practices. Other key topics include Bluebird Bios take-private acquisition, SpringWorks’ potential buyout by Merck KGaA, and updates in the obesity space, including the FDA removing semaglutide from the shortage list. The group also covers BridgeBio’s strong launch of Attruby, biotech M&A sentiment, and rumors of a potential Viking Therapeutics acquisition. *This episode aired on February 21, 2025.

Episode 131 - February 14, 2025 Feb 23, 2025

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On this week’s episode, Chris Garabedian, Yaron Werber and Sam Fazeli discuss the challenges facing the biotech sector, including high interest rates and the overabundance of public biotech companies. The hosts take a look at recent IPOs, noting that Metsra and Sionna have performed well, while others like Septerna and Upstream struggled. Reasons for the market’s reaction to IPOs was also discussed, including concerns about valuation, competition and future funding needs. The hosts also discuss the potential acquisition of SpringWorks by Merck. BioCentury’s Steve Usdin also joins the show to discuss the policy and regulatory environment. He outlines the opportunities and risks for the biotech sector, including potential reforms to onshore manufacturing, IRA Medicare drug negotiation, PBM reforms, FDA and NIH staffing cuts, and much more. This episode aired on February 14, 2025.

Episode 130 - February 7, 2025 Feb 23, 2025

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On this week’s episode, Daphne Zohar, Paul Matteis, Brian Skorney, Tim Opler and Abe Ceesay kick off with a more optimistic yet cautious perspective that investor sentiment may be improving. The group notes positive market trends post-JPM with the XBI index rising from 86.5 to around 92 since early January. The discussion also touches on on the re-emergence of wall cross pipes and the impact on generalist investor interest. The hosts discuss the positive M&A outlook for 2025, noting Intra-Cellular’s recent acquisition by J&J. Staying on the neuro theme, GH Research announced impressive data from its Phase 2b trial for a short-acting psychedelic drug for treatment-resistant depression. This extended into a discussion on the broader implications of neuropsych drug development, including the need for experienced management and the challenges of patient selection and managing high placebo responses. Other topics discussed include FDA’s approval of Axsome’s migraine drug, the anti-VEGF therapy competitive dynamics, Trump’s tariffs, and more. This episode aired on February 7, 2025.

Episode 129 - January 31, 2025 Feb 23, 2025

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On this week’s episode, Brad Loncar, Chris Garabedian, Eric Schmidt, Paul Matteis and Sam Fazeli kick off with an open mic session on the potential impact of the RFK Jr. hearings and the Trump administration's policies on the biotech industry. The conversation turns to a “unicorn day” with IPOs for Metsara, Maze, Odyssey and Sionna Therapeutics. The group also discusses the approval of Vertex’s journavx and the potential for it to be a blockbuster drug. Akero, Sarepta and Cargo also announced data this week and the hosts summarized the market reactions. Other topics covered include Merck’s buyback announcement and potential impact on M&A activity, Takeda’s CEO, Christophe Weber, steps down, Curie Bio’s new fund, and more. This episode aired on January 31, 2025.

Episode 128 - January 24, 2025 Feb 23, 2025

Show notes

On this week’s episode, Chris Garabedian, Tim Opler, Sam Fazeli, Brian Skorney and Luba Greenwood begin with breaking news on the obesity front with Novo Nordisk’s next-gen program, amycretin. The conversation transitions to post-JPM public market sentiment and a reluctance in capital markets. On the flip side, the hosts suggest a positive outlook for venture capital investments despite the public market challenges. The group also highlights the active M&A and licensing deal market, including the significant role of Chinese biotechs in licensing deals. The hosts also discusses the impact of Trump’s administration’s actions on the biotech sector, including the freeze on NIH activities and the potential withdrawal from the WHO. Other topics include potential of AI in healthcare, Biogen’s strategic shifts, Nature Medicine paper on GLP-1 drugs effects, and more. This episode aired on January 24, 2025.

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