Matt Gline

Yaron Werber × John Maraganore × Sam Fazeli × Matt Gline

Lilly’s $3.8B atai Beckley acquisition, ahead of a pivotal readout, extends its prevention and DTC “tech company” strategy while hedging potential obesity pressure a decade out.Roivant’s imminent brepocitinib launch combines orphan-market economics with pricing expected closer to IVIG’s $225K than Vyvgart’s $870K, while Merck’s $3,800 enlicitide and tau ASO tolerability keep affordability and validation in focus.

Eric Schmidt × Matt Gline × Chris Garabedian × Sam Fazeli × Graig Suvannavejh

Biotech’s IPO window remains open: ten deals have raised $3.2B YTD, with the respiratory IPO moving from $18 to near $29.Yet no governor limits the cycle, and generalists remain selective around de-risked clinical- or commercial-stage names.Lilly’s six acquisitions and $14.5B upfront make it a category of one, leaving 2026 M&A and the XBI’s shrinking lead to monitor.

Mike Yee × Eric Schmidt × Matt Gline × Yaron Werber

Biotech posted its strongest IPO quarter in four years, with $2B of Q1 IPOs and a $2.5B run rate.Roivant’s Moderna settlement could reach $2.25B, with $950M cash in July and up to $1.3B tied to the §1498 appeal.Paying the contingent amount could leave roughly “two and change” years of cash, while GLP-1 orals broaden a $100B market and threaten consumer categories.

Daphne Zohar × Josh Schimmer × Luba Greenwood × Matt Gline × Michal Preminger

The XBI is up over 40% since April's “Liberation Day” lows, and Josh Schimmer sees it on the cusp of profitability, with a meaningful inflection over the next two to three years.The panel says successful launches matter more than acquisition exits, while Roche's up-to-$3.5B 89bio deal validates FGF-21 but leaves Phase 3 until 2027 and CVR value uncertain.

Daphne Zohar × Josh Schimmer × Brian Skorney × Paul Matteis × Sam Fazeli × Brad Loncar × Matt Gline

Trump’s letters to 17 pharma CEOs make MFN a risk, though no statutory authority was cited and implementation remains discounted.Medicaid and direct-to-consumer pricing may be easier; tougher IRA negotiations remain possible around September 29.GSK–Hengrui’s Phase 1 options and China’s 30% share of global trial starts sharpen outsourcing concerns; AHEAD’s 85%–90% screen-failure rate remains unresolved.

Sam Fazeli × John Maraganore × Nina Kjellson × Matt Gline

Monday's MFN order creates a 30-day voluntary period and 180 days of negotiations, with no government-scale implementation or US price pressure expected by end-2025.Because US pricing controllers generally prefer higher prices, MFN could raise ex-US prices and leave biotech underrepresented, while conditional $234B pledges, CMS's 2028 subQ test, and CytomX's $100M financing provide catalysts.