Cell therapy is in the middle of a huge shift... ...and everyone from small biotechs to big pharma want in on the next big thing: autoimmune disorders Here's how I think this goes down: First, I charted the programs of 37 companies in this space, segmented by cell source and

Pancreatic cancer treatment landscape - mapping key completed and ongoing clinical trials by treatment line A few takeaways on how the industry is tackling this extremely difficult-to-treat disease: #1 This is arguably the deadliest cancer in the US - some morbid stats: • On

ADCs are hot right now, but amongst big pharma, not everyone has jumped in with the same enthusiasm I took a look at the oncology portfolios of the largest pharma companies and charted key assets by development stage Exhibit 1: Uneven ADC Exposure Within Big Pharma Some

The 6 currently approved FDA CAR-T cell therapies are expected to generate ~$10B in WW sales by 2028 - we broke out historical and projected sales over time below Exhibit 1: FDA-Approved CAR-T Cell Therapies Sales Over Time Following initial approvals in 2017, these autologous

How have big pharma valuations trended before and after some of the biggest LOEs the industry has seen? Surprisingly, pretty well. (powered by Sleuth) First, some quick stats. On average, these drugs represented ~28% of US sales just prior to LOE. All were in the hands

ADC Market Map We charted ~70 clinical-stage companies advancing 35+ unique payloads into 3 core mechanisms of action. Some takeaways: • An ADC is essentially 3 modular components: an antibody, a payload (typically chemo) and a linker that connects the two. The idea is to

Cell Therapy IPO and M&A Activity From 2013 to Today The dominant strategy has evolved alongside the broader capital markets: Early on we saw more transformative M&A (Gilead / Kite in 2017, Celgene / Juno in 2018), while 2019-2021 saw an explosion of IPOs as public demand for

CMS released final negotiated prices for the first 10 Medicare Part D drugs under the IRA today. See below for the official list with additional data points around timing of generic entry + some initial thoughts: • The median time-on-market for selected drugs was ~11.5 years,

Grading 10 notable single-asset driven M&A deals from 2016-2019 Some takeaways: • Goes without saying, BD is tough. Not only do you have to manage clinical risk, but even if the asset works well, you could get steamrolled by a slightly better positioned competitor or be unable