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Pathfinders in BiopharmaPerspectives from the cutting edge of biotech and pharma. Author: RBC Capital Markets
Perspectives from the cutting edge of biotech and pharma. The fast-changing world of biopharma places a premium on trusted market insights from industry experts who can turn change into a competitive advantage. Stay ahead of the curve with our latest podcast series. Lead today. Define tomorrow. Language: en Genres: Business, Business News, Investing, News Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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How it feels in the eye of an M&A bidding war
Episode 39
Saturday, 13 June, 2026
A growing number of biotechs are defying the perception that you need the might of big pharma to launch a new drug. But there’s always the prospect of an offer that simply can’t be refused. Three leaders who recently sold companies – Whit Bernard (Metsera), Mike MacLean (Avidity), and Gregory Kunst (Aurion) – shared their experiences, and their views on M&A trends in the sector, at RBC’s recent Global Healthcare Conference.Key points:Metsera managed to stay focused on business through a high-stakes bidding war.A strong sense of its own value helped Avidity to its Novartis buyout.In a tough capital-raising landscape, biotechs need to be open to partnerships with bigger firms.While the patent cliff is spurring pharma deals, corporates have a variety of M&A objectives.A series of successful drug launches by small innovators may signal the end of investors’ ‘short the launch’ strategy.Introductions [00:07]Host Joe Colletti introduces highlights from the M&A panel at RBC’s Global Healthcare Conference, featuring Brian Abrahams and colleagues posing questions to Whit Bernard (Metsera), Mike MacLean (Avidity), and Gregory Kunst (Aurion).Biotech histories [01:01]Each of the execs outlines the background to their former companies and the therapies they developed.Avidity’s experiences [05:43]Mike MacLean discusses the experience of negotiating with Novartis, through multiple bids and a decision by Avidity to pursue its own capital raise before the eventual acquisition.Metsera’s experiences [09:32]Whit Bernard recalls how Metsera responded to becoming the subject of a competitive deal between Pfizer and Novo Nordisk. Capital raising methods [11:53]Gregory Kunst suggests CEOs should be open to raising capital through strategic partnerships as well as traditional institutional funding.What pharmas want [14:07]Big pharma is broadly incentivized by the patent cliff, but biotechs need to understand the varying objectives of different companies.Short the launch strategy [23:42]Investors are taking a different view of start-ups’ capabilities as more small and mid-sized biotechs commercialize their own innovations.
