On this week’s episode, Greg Suvannavejh, Josh Schimmer, Yaron Werber, Sam Fazeli, and special guest Financial Times journalist Oliver Barnes kick off by highlighting the strength of the biotech sector from a public markets perspective, noting the XBI has outperformed the S&P 500 so far this year. The group agrees biotech is in a solid position overall. In policy news, the co‑hosts discuss the latest on the Trump administration’s proposed 100% pharma tariffs, Most Favored Nation drug pricing, and deals between big pharma and the administration. The conversation shifts to regulatory news, including changes to the CDC’s ACIP charter, vaccine oversight concerns, and FDA Commissioner Dr. Marty Makary’s press conference highlighting progress under his leadership. The group then highlights major deals, including Merck’s $6.7 billion acquisition of Terns and details of the SEC filings, Gilead’s $3.15 billion upfront deal for Tubulis, Neurocrine’s $2.9 billion purchase of Soleno, and Garda Therapeutics’ $125 million acquisition of Assertio. In breaking news, the co-hosts discuss Replimune’s second CRL for its melanoma therapy. In data, the group highlights Ascendis’ encouraging week‑52 achondroplasia data and Insmed’s Phase 2 hidradenitis suppurativa results. The episode concludes with an update on the obesity landscape, including Lilly’s newly approved oral GLP‑1, Novo’s high‑dose Wegovy, and a Nature paper on GLP‑1 response variability. *This episode aired on April 10.