Sam Fazeli

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.

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.