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Biotalk Episode 24: Asia’s 2024 Year-In-Review
Tuesday, January 28, 2025 • Duration 12:29
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.
Biotalk Episode 23: 2024 Year-In-Review Report: Global Trends in Biopharma Transactions
Tuesday, January 21, 2025 • Duration 13:46
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.
Biotalk Episode 22: A Conversation with Sudhir Agrawal of ARNAY Sciences
Friday, December 13, 2024 • Duration 29:41
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?
Biotalk Episode 21: Analyzing the 2024 U.S. Election’s Impact on Biotech
Monday, November 25, 2024 • Duration 34:13
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.
Biotalk Episode 20: A Conversation with David Harel of CytoReason
Tuesday, November 19, 2024 • Duration 34:01
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?
Biotalk Episode 19: 2024 Q3 Report: Global Trends in Biopharma Transactions
Friday, October 18, 2024 • Duration 14:01
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.
Biotalk Episode 18: A Conversation with Lindsay Rosenwald of Fortress Biotech
Friday, August 16, 2024 • Duration 26:21
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?
Biotalk Episode 17: Q2 2024 Report: Global Trends in Biopharma Transactions
Friday, July 19, 2024 • Duration 12:32
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.
Biotalk Episode 16: A Conversation with Stephen Sands of Lazard
Wednesday, May 15, 2024 • Duration 33:54
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?
Biotalk Episode 15: 2024 Q1 Report: Global Trends in Biopharma Transactions
Tuesday, April 16, 2024 • Duration 11:03
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...
