Mike Yee

Graig Suvannavejh × Mike Yee × Eric Schmidt

Biotech is up 7.4% YTD versus the S&P 500 down 4%, as Q1 delivered a record first quarter for public-company M&A: nine deals totaling $32B.Biogen’s $5.6B Apellis acquisition paid a 140% premium to address a potential $1.5B Ocrevus royalty shortfall in 2029–2030, but Alexion and Regeneron Phase 3 GA readouts later this year could test the economics.

Chris Garabedian × Paul Matteis × Mike Yee × Sam Fazeli

JPM 2026 sentiment settled at a healthy seven out of 10, while record financing and cash-rich companies shifted biotech toward a sellers’ market.Generalists are moving from renting the space to wanting to own the group, broadening interest beyond Lilly and AbbVie.Moderna’s March Arbutus trial and Lilly’s 2027 TRAILBLAZER-ALZ 3 readout are catalysts, with patent damages and safety still unresolved.