On this week’s episode, Daphne Zohar, Josh Schimmer, Luba Greenwood and Matt Gline open with a look at overall market sentiment, spotlighting Stifel’s bullish report on the biotech sector’s nice recovery since April’s “liberation day” with the XBI up over 40%, the recent wave of M&A activity, and the Biotech Winter. The co-hosts then highlight recent deals, including Roche’s $3.5 billion acquisition of 89Bio and Novartis’s $5.7 billion licensing agreement with Monte Rosa Therapeutics. In data news, the group overviews aTyr Pharma’s Phase 3 results in pulmonary sarcoidosis, with Matt Gline sharing perspective on the therapeutic area after Roivant’s similar fate. Next, long-versus-short dynamics around biotech data readouts are highlighted, along with positive data sets from Areteia and Apollo. Matt also details Roivant’s positive Phase 3 results in dermatomyositis. The conversation then turns to big pharma’s exodus from the UK, as several companies including Merck, AstraZeneca, and Eli Lilly scale back large investments. The co-hosts explore possible causes for the pullback, such as heavy regulation and tax incentives holding back innovation. Michal Preminger joins the discussion to share her unique insights on UK and US biotech hubs and draws attention to the Massachusetts paradox and the impact on the biopharma industry. *This episode aired on September 19, 2025