Matt Gline

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 × 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.