Episode 173 - February 20, 2026

The Biotech Hangout explores the evolving landscape of biotech investments, regulatory hurdles, and company-specific updates. A major theme is the increasing significance of China in out-licensing deals, driven by patent cliffs and R&D cost advantages, with projections indicating continued innovation from China. The discussion then pivots to the FDA's impact on the biotech sector, particularly the inconsistency in regulatory decisions and the potential implications of leadership changes. The panel debates the FDA's move towards single-trial approvals, questioning its practical impact and long-term viability. Company-specific updates include an analysis of Keytruda's patent protection extending to 2033 and J&J's $1 billion investment in cell therapy manufacturing, alongside clinical trial readouts from Roche and Compass Pathways.