Tess Cameron

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.

Chris Garabedian × Paul Matteis × Tess Cameron × Adam Feuerstein

XBI strength, Kylera’s IPO above $625M before the shoe, and fresh S-1 and PIPE activity suggest financing is reopening, though the index now favors larger, liquid companies.Revolution Medicines’ 0.4 overall-survival hazard ratio in second-line pancreatic cancer and $2B raise could fund commercialization, while Travere’s proteinuria-based FSGS approval despite eGFR underperformance leaves Vertex’s high-risk enaxopin Phase 3 regulatory bar unresolved.

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 × Brad Loncar × Eric Schmidt × Paul Matteis × Tess Cameron

Biotech markets face policy and macro instability as rising bond yields and a weaker dollar overshadow a temporary tariff-pause rally.With private capital confronting scarce company formation and weaker public comparables, catalysts must prove their case, while royalty financing offers earlier funding but can leave debt-like repayment obligations when programs fail.