Biotalk

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 the Asia-focused Episode 26 of Biotalk, Geoff Meyerson, CEO of Locust Walk, shares fresh insights from Japan, China, and Korea, as featured in our 2025 Q1 Report: Global Trends in Biopharma Transactions Report.  Japan saw modest market recovery, a $3.3B buyout of Mitsubishi Tanabe, and lighter licensing activity. Early-stage financings picked up as investors re-engaged. China shifted from IPO optimism to global deal-making as markets cooled. Notable trends included strong out-licensing ($17.6B), AstraZeneca's $2.5B investment, and Ascentage's NASDAQ debut backed by Takeda. Venture activity rebounded, driven by insider-led late-stage rounds. Korea drew attention with Orum's IPO, early-stage deals, and a growing focus on CDMO by major players.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.

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.

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.   

During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2024 Year-In-Review Report: Global Trends in Biopharma Transactions Report. Geoff dives into the insights from the comprehensive report and offers a forward-looking perspective on what 2025 may bring for the biotech industry. Key topics include: Capital Markets Performance: The XBI ended flat, down 0.2%, underperforming the S&P 500's 24% gain. However, 2024 saw a 156% increase in capital raised compared to 2022, with IPO and follow-on financings improving in Q4. Venture Financing Trends: Q4 venture financing remained stable at ~$4B across 43 deals, with Series A and B rounds leading. Mega-rounds grew, including Kailera's $400M Series A and Metsera's $215M Series B. Strategic Transactions: Licensing deal value surged 135% in Q4, driven by early-stage deals, while M&A activity slowed, with no deals exceeding $5B. Regional Highlights: Europe and Asia saw a rise in venture and licensing activity, with Asia's cross-border deals and NewCo formations becoming key trends. This will be discussed further in a separate podcast. Market Outlook for 2025: With a new FTC chair, M&A and licensing deals are expected to rise in 2025. IPO markets will improve with gradually reduced interest rates, though risk aversion remains with private mega-rounds persisting to reduce financing risk. Geoff offers advice for navigating the current market and highlights Asia's growing role in global biotech. Stay tuned for our upcoming podcast on Asian markets.Listen now to gain insights into the evolving biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you. Subscribe or follow Biotalk on Apple Podcasts | Spotify.   

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? 

In this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, is joined by Andy Meyerson, Managing Director, and Daniel Brog, Senior Vice President, for an insightful discussion on the implications of the 2024 U.S. election results for the biotech industry. The conversation delves into: What Trump's victory could mean for the biotech sector. The potential impact on the HHS and FDA under RFK's leadership. How figures like Elon Musk and Vivek Ramaswamy might influence healthcare policy (DOGE dynamics). We take a balanced approach, covering the potential positive and negative outcomes, implications, and our perspectives on these topics. Our analysis is based on actual statements made and prior activities, focusing specifically on the impacts for biotech. While we aim to minimize bias, we acknowledge that personal perspectives inevitably influence conclusions. Please note this was recorded Friday, November 23, before the announcements of the FDA Commissioner, Surgeon General, and Head of the CDC later that day. Join us as we explore how these political outcomes could shape the future of biotech and healthcare innovation. We welcome your thoughts and look forward to engaging in further discussions as events unfold. Email us at ceo@locustwalk.com to share your insights or questions.Subscribe or follow Biotalk on Apple Podcasts | Spotify.

In this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, is joined by Andy Meyerson, Managing Director, and Daniel Brog, Senior Vice President, for an insightful discussion on the implications of the 2024 U.S. election results for the biotech industry. The conversation delves into: What Trump's victory could mean for the biotech sector. The potential impact on the HHS and FDA under RFK's leadership. How figures like Elon Musk and Vivek Ramaswamy might influence healthcare policy (DOGE dynamics). We take a balanced approach, covering the potential positive and negative outcomes, implications, and our perspectives on these topics. Our analysis is based on actual statements made and prior activities, focusing specifically on the impacts for biotech. While we aim to minimize bias, we acknowledge that personal perspectives inevitably influence conclusions. Please note this was recorded Friday, November 23, before the announcements of the FDA Commissioner, Surgeon General, and Head of the CDC later that day. Join us as we explore how these political outcomes could shape the future of biotech and healthcare innovation. We welcome your thoughts and look forward to engaging in further discussions as events unfold. Email us at ceo@locustwalk.com to share your insights or questions.Subscribe or follow Biotalk on Apple Podcasts | Spotify.

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?

During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2024 Q3 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: The XBI rose 7% in Q3, outperforming the S&P 500, driven by strong clinical readouts and strategic deals, with six IPOs showing strong investor demand.  Private biotech markets: Venture financing dropped to $3.9B across 41 deals, with average deal size decreasing, while Series A and B deals led the market, showing renewed investor interest in early-stage companies.  Strategic transaction activity: Licensing deal value fell by 22%, and M&A shifted to smaller deals focusing on early clinical-stage opportunities, with global deal values remaining down.  Market outlook and advice for the months ahead: Locust Walk expects continued momentum in Q4 due to further Fed rate cuts, advises careful cash management, and foresees a stronger recovery by 2025.  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.   

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?

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 […]

During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our Q2 2024 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: The XBI remained flat in Q2, diverging from the bullish S&P 500, with fewer IPOs but more capital for later-stage companies. Private biotech markets: Venture financing rebounded with $5.5 billion across 44 deals, though the industry is divided between companies able to raise capital and those struggling. Strategic transaction activity: M&A and licensing deal values stayed consistent with Q1, focusing on Phase 2 companies and notable ex-US acquisitions. Market outlook and advice for the months ahead: Locust Walk expects continued positive momentum, advises careful cash use, notes non-dilutive capital accessibility, and predicts gradual recovery through 2024 with a stronger 2025. 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: 0:39 Deal Context, Quarter Highlights and Key Takeaways, and Future Outlook 8:31 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 Second Quarter market conditions Report, in which we apply the latest data to analyze current activities in the biopharma deal landscape. Locust Walk maintains proprietary transaction and finacning databases and each quarter our 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 quarter. 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. The XBI traded relatively flat across the second quarter, diverging meaningfully from the broader S&P 500, which saw bullish gains. Key drivers of this divergence were the XBI being more impacted by the higher-than-anticipated CPI reading in April relative to the S&P 500 and the record-breaking growth of AI/tech companies. One stunning non-biotech stat to consider: Nvidia alone accounts for more than a third of the S&P 500's gains in 2024. In terms of public fundraising, IPO activity slowed in the second quarter, with only 3 such deals. The weakened macroeconomic outlook and generally poorer performance of first-quarter IPOs reduced market demand for new companies. From my perspective, public biotech markets remain closed to all except a selection of late-stage companies with de-risked approaches, ideally accompanied by insider support and sufficient near-term news flow. Follow-on market activity also cooled from Q1, but interestingly, the average capital raised ($178M) in Q2 is up over 47% relative to the 2023 quarterly average, highlighting the accessibility of large chunks of capital for more de-risked later stage companies with strong data. Venture financing continued its rebound from Q1, with the 44 deals summing to $5.

During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our Q2 2024 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 […]

On this episode of Biotalk, Locust Walk's Geoff Meyerson welcomes Stephen Sands, former Vice Chairman of Investment Banking and Chairman of the Global Healthcare Group, and currently Senior Advisor at Lazard, a renowned name in global financial services. Together, they explore Stephen's journey into life sciences finance, his transition into financial and management roles within healthcare, his mentors, and how these relationships impacted his career. Geoff and Stephen also tackle the evolution of banking in today's healthcare investment landscape, highlighting specialization's role. They cover navigating challenges and strategies in investments, including banking structures, capital markets, trends, IPOs, banks' role in deals, and future biopharma investment trends. Stephen offers valuable advice throughout the episode, specifically addressing CEOs on navigating the changing winds of the industry, providing insights into the intricacies of healthcare finance and investment strategies in the biopharma sector. Subscribe or follow Biotalk on Apple Podcasts | Spotify.    Timestamps: 1:26 To start, I'm eager to learn about your journey into the life sciences, and more specifically, to the financial and management side of healthcare. You to use your degrees in Biology and Chemical Engineering in this way. Tell us about your store and what brought you through the arch of your career. 7:11 Can you speak about the evolution of healthcare banking from your experience? 15:22 You have seen a lot of cycles in your career. How do you think this cycle compares to prior cycles? 20:45 What's the secret to building relationships and and what's your strategy for building such a robust M&A franchise? 23:52 What biopharma trends do you think will be emerging over the next 3-5 years? 27:57 How do you navigate these changing winds and what advice would you give to a CEO of a smaller company? 30:29 Are you a free agent, retired, board member? What's next for you?

On this episode of Biotalk, Locust Walk's Geoff Meyerson welcomes Stephen Sands, former Vice Chairman of Investment Banking and Chairman of the Global Healthcare Group, and currently Senior Advisor at Lazard, a renowned name in global financial services. Together, they explore Stephen's journey into life sciences finance, his transition into financial and management roles within healthcare, his mentors, […]

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...

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 […]

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?

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, […]

In this episode, Geoff provides valuable insights into our report, focusing on critical areas such as: Biotech capital markets: XBI performance and IPO volume Private biotech markets: Financing deal value and volume remained flat Strategic transaction activity: Q4 marked a surge in multi-billion-dollar acquisitions Market outlook and advice for the year ahead We invite you to listen to our podcast and download our report for the Insights page and welcome the opportunity to discuss its contents with you.   Timestamps: Deal Context: 0:37 Our Advice for the Current Market: 6:11 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 2023 Year-In-Review 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 In the next few minutes, I will provide dealmaking context, highlight events that have had a critical impact on the biotech industry, and provide our outlook for the future along with our advice on how you can survive as a biotech dealmaker. 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. As the listener of a biotech podcast, you may well know that this has been a relatively challenging year for the XBI until the middle of the 4th quarter. The index traded below end-of-year 2022 levels for much of the year, but in spite of this, finished up 8% due to a remarkable 4Q rebound. Digging in a little deeper, concurrent with this upswing, Q4 saw a significant uptick in total follow-on offering volume and size (up to $3.5B from $1.4B in Q3), as well as PIPE volume and size (up to $1.7B from $600M). Although IPO volume in the 4th quarter dropped from Q3 levels, annual IPO volume increase 30% from 2022 levels. Performance for IPO, follow-on, and PIPE offerings in Q4 was also generally positive in line with market performance. While all these indicators suggest the beginnings of a gradual thaw for biotech public markets, biotech public investors will be hoping Punxsutawney Phil does not see his shadow come February, heralding another XBI downturn, as was the case in 2023. Unfortunately, winter continued through 2023 for biotech private markets. Overall private financing deal value and volume in 2023 remained relatively flat with the depressed levels observed in 2022. Financing activity continues to be increasingly dominated by clinical stage opportunities, with deal value attributed to these deals increasing from 38% in 2021 to 58% in 2023. Interestingly, the distribution of Series rounds has remained relatively consistent over this period, suggesting that the bar for each financing round stage has risen somewhat uniformly across this period. The general malaise in biotech private financing markets also extended to European and Asian geographies, where 2023 levels remained about on par with 2022, and well below levels observed in the prior bull market cycle. In terms of strategic transaction activity, the string of multi-billion-dollar acquisitions by big pharma in Q4 was the catalyst many of us have been hoping to see for so...

During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2023 Year-In-Review 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 […]

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 […]

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? 

On this episode of Biotalk, Locust Walk‘s Daniel Brog welcomes with Shehnaaz Suliman, M.D., CEO of ReCode Therapeutics, a clinical-stage genetic medicines company using its selective organ targeting lipid nanoparticle platform to power the next wave of mRNA and gene correction therapeutics. With over 25 years of experience, Shehnaaz brings a multifaceted perspective to the discussion. She has held diverse roles, from practicing physician to dealmaker, and now leads the charge at ReCode. Join us as we delve into the distinctive qualities that set ReCode apart and to discover the groundbreaking technology behind their selective organ targeting lipid nanoparticle platform, known as SORT. As a seasoned Biotech CEO and respected board member, Shehnaaz offers insights into what qualities make a great board member and why diversity is crucial in shaping the future of biotech leadership. We'll explore the role of boards in promoting diversity and address the barriers that persist in achieving this essential goal within the biotech industry. We invite you to tune in to this engaging podcast episode. Subscribe or follow Biotalk on Apple Podcasts | Spotify.    Timestamps:   1:08: 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 biotech? 5:23: You mentioned a keen interest in the activism side of things. Coming from your physician background in South Africa, alongside deal making, how you have incorporated activism throughout your career? 7:51: Recode is doing innovative work with targeted lipid nanoparticle platform SORT. Tell us more about the platform and what makes ReCode's approach so unique. 14:14: Your SORT platform can target several potential organs. How did you select the lung for your lead assets? 19:49: Within the field of RNA therapeutics and outside of delivery, are there other technologies that you think will play the most significant role in moving this space forward? 28:38: As you look at where Recode stands today, what are you most excited about looking forward? 30:40: How has the biotech market downturn impacted your business and how you think about prioritizing next steps for the company? 33:58: You recently closed a Series B financing – congratulations! The current macro biotech environment has been challenging, especially for earlier stage platform companies. What was critical to success in your most recent fundraise? 41:00: Was there a particular reason ReCode decided to deprioritize some of the CNS programs, at least for your own internal development and focus on those as partnering opportunities? 42:25: You are an experienced Biotech CEO, board member and of Women in Bio's Board Ready Program. What qualities do you think make a good board member? Why is it important to focus diversity when shaping board composition? 51:01: What would you say are the major barriers that you see in terms of increasing diversity in the biotech industry and at the leadership level? 56:25: What is your actionable advice to minority groups as they advance their education and careers in the life sciences?

On this episode of Biotalk, Locust Walk‘s Daniel Brog welcomes with Shehnaaz Suliman, M.D., CEO of ReCode Therapeutics, a clinical-stage genetic medicines company using its selective organ targeting lipid nanoparticle platform to power the next wave of mRNA and gene correction therapeutics. With over 25 years of experience, Shehnaaz brings a multifaceted perspective to the discussion. She […]

On this episode of Biotalk, Locust Walk‘s Geoff Meyerson welcomes Errik Anderson, CEO and Founder of Alloy Therapeutics, to the podcast. Alloy is a trailblazing drug-discovery company, bringing collaborative platforms and services to the biotech world, making cutting-edge biologics accessible to everyone, from academia and small biotechs to major pharmaceutical companies. Errik, with a unique blend of entrepreneurship, […]

On this episode of Biotalk, Locust Walk‘s Geoff Meyerson welcomes Errik Anderson, CEO and Founder of Alloy Therapeutics, to the podcast. Alloy is a trailblazing drug-discovery company, bringing collaborative platforms and services to the biotech world, making cutting-edge biologics accessible to everyone, from academia and small biotechs to major pharmaceutical companies. Errik, with a unique blend of entrepreneurship, venture capital, and a passion for rugby, shares his journey from Adimab to founding Alloy, highlighting Alloy's distinctiveness in biotech. He also discusses Alloy's future plans and their excitement about the anticlastic ASO technology. During the conversation, Errik explores the funding landscape for later innovations, its impact on Alloy's business, and his prognosis for the short to intermediate-term future of the industry. We invite you to tune in to this engaging podcast episode. Subscribe or follow Biotalk on Apple Podcasts | Spotify.    Timestamps:   1:25: What led you to your initial exploration of early stage biotech? 2:55: Can you share a bit about your beginnings in your professional career and, what sparked your entrepreneurial spirit? 7:29: Can you provide the backstory of Adimab and how that led into Alloy? 13:25: What's the exit for an Adimab shareholder or Alloy shareholder if it is a forever company? 24:43: You recently launched the anticlastic ASO technology platform. Can you tell us more about this, why you are excited by it, and your plans? 40:21: How do you avoid 82VS competing with your typical arms-length licensing clients? 45:11: How do you think about later innovations being funded, how does it impact your business and what is your prognosis for short to intermediate-term future?

During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, delves into our 2023 Q3 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:  The underwhelming performance of public biotech markets  The impact of high-interest rates on biotech companies' capital-raising endeavors  The trends of stagnant licensing deals, M&A volume, and deal sizes  Advice for the current market and future outlook   We invite you to listen to our podcast and download our report for the Insights page and welcome the opportunity to discuss its contents with you.   Timestamps: Deal Context: 0:58 Future Outlook: 8:50 Our Best Advice for the Current Market: 11:32 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 2023 Third 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. Our report covers key takeaways for the sector across US, Europe and Asia geographies for a comprehensive view of biotech dealmaking 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. Deal Context In the next few minutes, I will provide dealmaking 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. Jumping right in, public markets has shown poor performance through the third quarter, with the XBI showcasing a decrease in value, down by ~12% since the end of the second quarter This drop brings the XBI back to its position at the end of Q1 2023, with it dropping by 8 percent over the last twelve months, underperforming the S&P which has been up 20 percent over the same period, a staggering 28 percent underperformance. The number of companies trading below cash has increased from June where there was 165 companies, compared to the end of September where there is 196 companies trading below cash. That number is approaching the all time high and is significantly higher than the average of about 25 companies trading below cash, that was seen before the pandemic. The decrease in the XBI is most likely driven by current poor macroeconomic headwinds specifically a high interest rate environment that makes it difficult for biotech companies trading below cash to raise capital Licensing deal flow this quarter was stagnant with the same number of deals as Q2, with average licensing deal value slightly down by 9% from Q2 In contrast to previous quarters, partners are taking a shorter-term view towards licensing deals with a drop in investment in early-stage discovery/pre-clinical assets across modalities and indications, but instead are focusing on assets with Phase 2 data across modalities. However, of the high-profile deals that exceeded $1B in total size, the majority (73%) still involved preclinical/discovery assets and are highly milestone driven; indicating some remaining preference for long-term,

During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, delves into our 2023 Q3 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 […]

On this episode of Biotalk, Locust Walk‘s Andy Meyerson welcomes Helen Ho, Chief Business Officer of Blueprint Medicines, to the podcast. Blueprint Medicines is a pioneering global precision therapy company committed to crafting life-altering medications for individuals with cancer and blood disorders. During the conversation, Helen shares her journey into the biotech realm, and ultimately, Blueprint. She delves into the unique experience of stepping into the role of CBO, a position previously held by the CEO, and the intriguing dynamics that come with such a transition. Helen provides insights into how Blueprint strategically navigated the turbulent waters of the ever-evolving biotech landscape. She discusses the pivotal role that the shift towards commercialization played in helping the company adapt to the current disruptions and challenges in the biotech industry. We invite you to tune in to this engaging podcast episode. Subscribe or follow Biotalk on Apple Podcasts | Spotify.    Timestamps:   1:48: What attracted you to biology and to industry, particularly biotech? 6:41: What is the biggest thing that you've learned from each of your prior roles that enables you to be successful in your current position at one of the faster growing biotechs? 8:53: What drew you to Blueprint? 10:50: What was it like stepping into the role of CBO knowing your CEO originally held that role when you were first hired? 13:33: Blueprint has undergone tremendous change since you first joined in 2018. In the last 6 years, the company has shifted to a commercial stage company with multiple drug approvals, a global collaboration with big pharmas, and much more. From a company perspective, what is the most challenging aspect of stepping through these milestones in corporate growth? 19:42: How do you make the determination that the best thing for Blueprint is to go off and forward integrate and become your own organization? 29:07: Blueprint has shown to have tremendous research capabilities, with a history in kinase inhibition. Last year you announced the expansion of your R&D platform to include targeted protein degradation. How is this work going? 32:38: How has the shift of commercialization helped Blueprint navigate the dislocations we are currently seeing in biotech? 36:34: How have some of the political headwinds like the IRA impacted Blueprint given your focus on small molecules? 39:53: What are your three biggest reasons to remain optimistic about biotech and the future of drug development?

On this episode of Biotalk, Locust Walk‘s Geoff Meyerson welcomes Howard Federoff, MD PhD, Scientific Co-Founder, Chief Medical Officer, and Director of Ryne Biotechnology, to the podcast. Join us as we delve into Ryne Bio's pioneering work centered on advancing off-the-shelf neuron replacement therapies, poised to revolutionize the treatment landscape for neurological disorders.  During the conversation, Howard shares his diverse background, drawing from his roles as a CEO overseeing companies employing both allo and auto-based approaches to cell therapy. He discusses the exciting prospects of a groundbreaking generation of cell therapy that eliminates the need for immunosuppression.  Additionally, the episode explores the future of iPSC technology, which holds the promise of transforming the field, positioning it as the coveted “holy grail” in the realm of neurological treatment.  We invite you to tune in to this engaging podcast episode. Subscribe or follow Biotalk on Apple Podcasts | Spotify.    Timestamps:   1:18: How did you find yourself in the biotech industry?  3:51: What is your perspective on AAV gene therapy compared to IPSC's, and your take on the differences between the two? 5:55: Is it a fair framework to think that gene therapy (within neurology) is better suited for situations where there is not a lack of cellular viability and cell therapy is better where there aren't enough cells that gene therapy can make a difference?  9:38: Having been CEO of companies like Aspen Neuro and now founding Ryne Bio, how do you think about the different approaches in this space, and why did you decide to go after an allo-based approach?   15:13: How do you think about commercial differentiation with allo vs. auto approaches?  17:16: Is your assumption that it will be comparable efficacy across all of these products, but just differential safety in cost profiles, or is there a reason to believe that your consistency with manufacturing, source of mitochondria, etc. might have better efficacy?    18:38: Do you believe there is room for multiple players and, if your approach works in Parkinson's, presumably this could work in many other neurological applications?  20:39: Thinking through all the different approaches that one could go after (gene therapies, small molecule, cell therapies, etc.), is it a function of when in the disease progression to use which approach, or do you think the cell therapy approach could be used a lot earlier to forestall a lot of the negative impact of the disease and allow a longer, healthier lifespan?  23:06: Is there a next gen that you envision that would allow to not need conditioning and immunosuppression, or how do you think about the ultimate product?   25:48: Is your view on the future of cell therapy in CNS thinking about the right edits to various HLA subtypes or ways to make it less immunogenic; Is there anything else that can be done that would be the holy grail for CNS cell therapy?  28:40: Despite all of these headwinds, we at Locust Walk remain highly optimistic about the future of biotech after this bear market recedes.  Are you optimistic as well? 

On this episode of Biotalk, Locust Walk's Andy Meyerson welcomes Jason Kelly, co-Founder and CEO of Ginkgo Bioworks, to the podcast. Ginkgo Bioworks is at the forefront of genetic engineering, harnessing its power to craft bacteria with industrial applications, which in turn aids other biotech enterprises by eliminating the need to replicate initial stages of synthetic biology design. Jason delves into Ginkgo's inception story, the distinctive contours of its business model, its unique role as a Contract Research Organization (CRO), and addresses the paramount challenges currently confronting the biotech industry.  We invite you to tune in to this engaging podcast episode. Subscribe or follow Biotalk on Apple Podcasts | Spotify.   Timestamps:   1:23: What attracted you to our industry and what made you want to become a biotech entrepreneur?   3:10: While in graduate school at MIT, you founded the company OpenWetWare.org, which is intended to help promote the sharing of information, know-how and wisdom among researchers and groups who are working in biology and biological engineering. What motivated you to start this company? 5:07: How did OpenWetWare fit into the timeline that ultimately resulted in the establishment of Gingko?  11:18: Gingko is pursuing a business model that is atypical for a biotech where you do not have any of your own development candidates advancing in the clinic. Why did you pursue this path rather than developing your own drugs?  15:14: Does this instead make you more like a Contract Research Organization (CRO) than a traditional biotech?  How do you differentiate between the two in your own mind?  17:52: What does scale mean to you? What drives Gingko's growth if it isn't valued on develop candidates like other biotechs?   22:08: A challenge in biotech is actually identifying who your customer actually is. Who is your customer? 29:14: What are your thoughts on the other platform companies, and how disruptive do you become to the traditional biotech business model? 33:23: How has the biotech market downturn impacted your business?  38:15: 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? 40:55: What do you believe is the biggest and most important issue currently facing the industry?

On this episode of Biotalk, Locust Walk‘s Geoff Meyerson welcomes Onaiza Cadoret-Manier, Executive Vice President, Chief Global Product Strategy & Operations Officer at Ionis Pharmaceuticals to the podcast. With 30 years of experience in life sciences, Onaiza is a member of Ionis' executive leadership team, overseeing the company's portfolio planning, global product strategy, medical affairs, […]

On this episode of Biotalk, Locust Walk‘s Geoff Meyerson welcomes Onaiza Cadoret-Manier, Executive Vice President, Chief Global Product Strategy & Operations Officer at Ionis Pharmaceuticals to the podcast. With 30 years of experience in life sciences, Onaiza is a member of Ionis' executive leadership team, overseeing the company's portfolio planning, global product strategy, medical affairs, market access, and commercial strategy and operations functions.   During the episode, Onaiza discusses her journey into biotech, her tenure at Ionis and challenges overcome while shifting from an R&D to commercialization focus, and her perspective and outlook on the biotech market.  We invite you to listen to our podcast and read our RNA Therapeutics Landscape Overview. Subscribe or follow Biotalk on Apple Podcasts | Spotify.  Timestamps:    1:12: How did you find yourself in the biotech industry?    2:12: Prior to starting at Ionis, you held roles at Grail, Genentech, Pfizer and Amylin. What is a key takeaway you have from each of those experiences?  6:12: What were some challenges you had to overcome when shifting from an R&D focus to commercialization? How has that evolved over time with Ionis?  11:16: Do you have any advice for how to think about the process for picking the best targets for a company, especially if they have differing levels of resource?  13:35: What excites you about the pipeline or innovations that you're seeing either internal to Ionis or externally?  16:54: Is it true that Ionis is looking to both buy and sell?  18:28: COVID had a profound effect on the industry, which experienced a huge run followed by an even bigger downturn. What's your perspective on the industry today? What's your outlook for 2023?   22:39: Despite all of these headwinds, we remain highly optimistic about the future of biotech.  Are you optimistic as well? 

During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2023 Q2 Report: Global Trends in Biopharma Transactions Report. Each quarter, Locust Walk's deal team compiles key statistics and trends showcasing what is happening in the global private and public capital markets, strategic partnering, and M&A. To download this report, please go to locustwalk.com and go to our “Insights” page. We are happy to speak with your team if you have questions about our views or if we can provide any perspective or guidance to your organization. Timestamps: Deal Context: 1:12 Future Outlook: 6:00 Our Best Advice for the Current Market: 7:13 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 2023 Second 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. 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. Deal Context, Quarter Highlights and Key Takeaways, and Future Outlook In the next few minutes, I will provide dealmaking 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) Jumping right in, public markets have shown some signs of stabilization this quarter, with the XBI exhibiting a slight rebound, up by ~8% since the end of the first quarter Nevertheless, this correction brings the XBI back to its position at the start of 2023, and it remains up only 9 percent over the last twelve months, underperforming the S&P  which has been up 16 percent over the same period The number of companies trading below cash has come down from March (212 companies in March, compared to 165 companies in June), but the figure remains significantly elevated and we've largely retraced levels seen at the beginning of the year, which were high relative to historical trends Additionally, the gradual revival of the XBI is driven by a chain of positive licensing deal flow this quarter, with average aggregate licensing deal value up 20% from Q1, to $705M Notably this rise in deal value is accompanied by a 40% decline in deal volume, reflecting the shift towards fewer deals and larger bets In contrast, the venture market which has favored later-stage assets, licensing deals indicate that partners are taking a longer-term view with significant investments in discovery/pre-clinical assets across modalities and indications. This might sound counterintuitive based upon things that we are hearing, but the data doesn't lie and we are still finding early deals being done. M&A dealmaking has been more moderate with an average deal size of $1.5B, which is less than half of the $3.9B in average deal size last from last quarter; keeping the value even this high is largely driven by the Merck / Prometheus deal, and without this deal, quarterly M&A would have fallen in line with the two lowest quarters for deal value in 2022 and average value. Importantly though, 20 deals were completed compared to 13 deals in the first quarter.

During this episode of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2023 Q2 Report: Global Trends in Biopharma Transactions Report. Each quarter, Locust Walk's deal team compiles key statistics and trends showcasing what is happening in the global private and public capital markets, strategic partnering, and M&A. To download this report, please go to locustwalk.com and […]

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 […]

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 […]

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?

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. […]

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...