On this week’s episode, Graig Suvannavejh, Mike Yee, and Eric Schmidt kick off with a look back at biotech deal activity through the first quarter, highlighting a solid, but not overheated, M&A environment. The group discusses recent transactions, including large, commercially focused deals designed to drive near‑term revenue growth rather than pipeline speculation, particularly Biogen’s $5.6 billion acquisition of Apellis. While total Q1 deal value was roughly in line with historical averages, they note that meaningful capital continues to be recycled back into the sector. In other deals, Lilly’s $6.3 billion upfront acquisition of Contessa is also noted as an opportunity for Lilly diversify its pipeline beyond obesity. Next, the co-hosts highlight growing interest in blood–brain barrier drugs following Korsana’s merger with Cyclerion. The conversation shifts to regulatory news, including the FDA approval of Lilly’s oral GLP‑1, alongside signs of increasing regulatory flexibility in rare disease, such as Scholar Rock’s SMA BLA resubmission, and an upcoming decision for Replimune. The episode concludes with data updates, including Viridian’s Phase 3 thyroid eye disease results and discussion on NLRP3 inhibitors as a potential next wave cardiometabolic and obesity drugs beyond GLP 1s. *This episode aired on April 3, 2026.

On this week’s episode, Grace Colón, Josh Schimmer, Eric Schmidt, and Brian Skorney open with a look at the macro backdrop. With market volatility and interest rate uncertainty, the hosts agree the macro is still “driving the bus,” tempering what might otherwise be stronger bullish sentiment. Even so, biotech continues to demonstrate relative resilience – XBI holding up better than the broader market – reinforcing the view that investors still want to own biotech. In deals, the co-hosts discuss Gilead’s more than $2 billion purchase of Ouro Medicines for its autoimmune disease drug, Merck’s $6.7 billion takeover of Terns to bolster its oncology pipeline, and Novartis’ deal for Exellergy to strengthen its allergy portfolio. The conversation shifts to regulatory news, including the approval of Denali’s Hunter syndrome drug, Avlayah, which comes shortly after the FDA rejected Regenxbio’s gene therapy for the same condition. Other recent rare disease approvals are noted, with the group interpreting them as signs of slightly increased regulatory flexibility following leadership changes, though uncertainty remains across the health agencies. The episode concludes with recent data news and market reactions from Sarepta and Arrowhead, Maze versus Vertex in kidney disease, Beam’s data in AATD, Lyme disease vaccine data from Pfizer and Valneva, and a preview of data to be presented at AAD. *This episode aired on March 27, 2026.

On this week’s episode, Sam Fazeli, Josh Schimmer, Paul Matteis, and Graig Suvannavejh kick off with a discussion on the impact of current geopolitics on biotech investor sentiment, noting that biotech is fundamentally insulated from oil prices and emphasizing that the sector is becoming cash‑flow positive at a pace not previously seen. Shifting to regulatory news, the group discusses Vinay Prasad’s departure from the FDA and highlights that upcoming rare disease readouts will serve as a test of the FDA’s flexibility. They also cover the FDA’s new Adverse Event Monitoring System, which consolidates multiple adverse event reporting databases into a single platform. Next, the co-hosts highlight John Crowley’s opinion piece in STAT News on Biotech’s 50th anniversary (marked by the founding of Genentech), emphasizing the importance of protecting U.S. biotech and pharmaceutical pricing to sustain innovation. On the deal front, the group discusses Servier’s $2.5B cash acquisition of Day One Biopharmaceuticals’ oncology asset, as well as the recurring rumor of an Abivax takeover. The episode closes with a review of recent clinical data and company updates from IDEAYA Biosciences, Roche, Benitec Biopharma, RenovoRx, Vertex, Xenon, and Dianthus, along with broader commentary on FDA decision‑making following the approval of leucovorin. *This episode aired on March 13, 2025.