Top Tweets for #STACBBB

Thank you, @DrMakaryFDA, for inviting me to speak at your Cell and Gene Therapy Roundtable. Our entire healthcare system runs on a bundle of perverse incentives. We must transform it from a sick-care system to a health care system. Doctors, hospitals, pharmaceutical companies, and insurance providers profit by keeping us sick. We need to change that at its core—shifting the focus to curing disease and keeping people healthy.

Big Pharma M&A and licensing deal trends in 2025 Amidst turbulent markets, we've still seen robust activity. Some key stats: • 38 total deals (31 licensing and 7 M&A) • ~$60B in total deal volume (~$33B in licensing and ~$27B in M&A) • By volume, ~68% of deal assets were early-stage (PC - Ph1/2); by $ value, it was ~48% • Unsurprisingly, Oncology (~37%) was the most popular TA • ~55% were small molecules On that last point, while (for now) the IRA still seems to incentivize biological development given the shorter exemption period (9 vs. 13 years), we haven't seen as big of an impact on deal activity as initially feared. These assets have less manufacturing risk, can be seamlessly integrated into existing commercial infrastructure and can be favored by patients due to their convenient dosing, typically oral. So what has been driving Pharma M&A thus far? • LOEs: Pharma is staring down ~$100B in LOEs through 2028 (~7% of total worldwide revenue). This all needs to be replaced which necessitates more dealmaking. Of note, the companies most exposed to upcoming LOEs (Merck, BMS, AZ, etc.) tended to be more focused on later-stage (Ph2+) assets • Compelling valuations and demand for strategic exits: the broader equity market drawdown has pulled biotech into an even deeper slump, cratering public valuations and tempering late-stage financings. Broad investor enthusiasm will likely stay muted for now, meaning more biotech management teams will need to come to terms with their valuation and seek M&A as their primary exit strategy • Compelling science: of course, all of these market dynamics are against the backdrop of compelling innovation. There will always be appetite within Pharma for best-in-class assets with blockbuster potential Let me know in the comments if you'd like a hi-res PDF copy of the graphic, happy to send that across. And if you're a Pharma BD or Strategy leader and have made it this far - here's a gift 👇 If you're looking for market intelligence insights like this, but tailored to your strategic priorities and delivered to your inbox in real-time, DM me! We've pulled together a short list of industry leaders that get robust analyses on autopilot based on their preferences and we're adding a few more slots.