Sam Fazeli

Sam Fazeli × Josh Schimmer × Eric Schmidt × Paul Matteis × Matt Herper

AstraZeneca’s eplontersen failed its ATTR cardiomyopathy outcomes trial, with Ionis reporting no benefit in the tafamidis-combination group, including no CV-biomarker effect.The readout improves Alnylam’s perception, but royalty-free Nucresiran must still show whether its adjunctive outcomes study preserves silencer-plus-tafamidis synergy; Agios’ mitapivat won priority review despite missing its co-primary VOC endpoint.Atumelnant’s liver-enzyme elevations remain a risk to monitor.

Sam Fazeli × Josh Schimmer × Eric Schmidt × Tess Cameron

Bristol Myers’ BMS–Hengrui deal gives Hengrui options to co-develop select assets and conduct certain commercialization activities globally, alongside up to $950M in payments and $15.2B potential value.China’s low-cost, high-speed innovation creates licensing opportunity now, but three-to-five-year global-commercialization plans could shift value capture toward Chinese developers; REGENXBIO’s held DMD filing and Biogen’s Phase 3 tau decision keep precedent and capital allocation 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.

Eric Schmidt × Yaron Werber × Tess Cameron × Sam Fazeli

Biotech M&A is setting records across stages: Alkermes appears to have won Avadel at $2.4B, while J&J paid $3B for Phase 1 Halda, the highest-priced Phase 1 acquisition ever per Tess Cameron.Competition is intensifying as pharma prices in 2026-27 patent cliffs, but 82% of surveyed companies worry about FDA function; early-program delays could last two or three years, while falling drug prices make volume response a key watchpoint.

Chris Garabedian × Tim Opler × Bruce Booth × Sam Fazeli

Biotech’s 2025 selloff appears driven more by forced selling and weak marginal demand than deteriorating science, with XBI at $84.45, down 4% for the week.Venture capital remains near $5 billion quarterly while new financings have fallen to barely above 50 and average rounds reached $65 million, concentrating capital in fewer, more disciplined companies.Reported HHS reductions create FDA execution risk as China expands, while Tagrisso’s EGFR-lung-cancer defense keeps physician adoption—not headline efficacy—the key catalyst.

Sam Fazeli × Eric Schmidt × Brian Skorney × Matthew Gline

Twice-yearly lenacapavir could drive Gilead’s PrEP revenue toward about $4 billion by 2030; CDC spending near $1.3 billion makes policy a valuation variable.Immunovant’s 680 mg batoclimab cut MG-ADL 5.6 versus 3.6 for placebo, keeping IMVT-1402 differentiation under debate.DMD exon skippers reached 10–25% dystrophin and near-normal CK, but functional benefit and AAV risk remain unresolved.

Chris Garabedian × Tim Opler × Sam Fazeli × Brian Skorney × Luba Greenwood

Novo Nordisk’s Amycretin delivered 22% weight loss at 36 weeks among patients reaching 20 mg and remaining on treatment, but undisclosed discontinuations and limited tolerability data make the as-treated result provisional, making those disclosures the key valuation catalyst.Meanwhile, a roughly 5% technical XBI rebound contrasted with Stifel’s “historic high” M&A pipeline and 17 deals above $75 million upfront in 2024, while health-agency freezes threaten timelines.

Daphne Zohar × John Maraganore × Mike Yee × Sam Fazeli × John Crowley

Biotech entered JPM at “five out of 10,” with macro steering capital and Metsera’s obesity IPO testing a discriminating window.J&J’s $14.6 billion Intra-Cellular Therapies acquisition—following $1.22 billion raised and approximately 13× value creation—shows pharma’s appetite for derisked CNS assets, while China’s speed and cost make FDA trial reform a potential catalyst.