Chris Spivey is director of Industry Relations and Strategic Partnership, MJH Life Sciences.

Chris Spivey

Behind the Headlines, Episode 21: Waters-BD Merger, Merck’s $10B Bet, and Biotech’s Investment Frontiers

 is a bi-weekly panel discussion examining the latest trends, readouts, and other factors that drive pharmaceutical news and innovation. Each episode features consultants, venture capitalists, scientists, patient advocates, and journalists discussing the prior weeks’ top news while seeking to highlight the more enduring lessons that hide behind the headlines.

In episode 21, the panel explores how major deals, policy volatility, and investment shifts are redrawing the life sciences map. Alex Philippidis, Senior Business Editor at Genetic Engineering & Biotechnology News and Inside Precision Medicine; Hari Pujar, PhD, Chief Operating Officer of Tessera Therapeutics; and Josh Schimmer, MD, Biotech Equity Research Analyst and Managing Director at Cantor Fitzgerald, unpack the deeper implications behind this past week's biggest headlines.

The panel opens with analysis of the announced 

 in a $17.5 billion deal aimed at building a more vertically integrated life sciences powerhouse. The move underscores growing industry appetite for consolidation across instrumentation, diagnostics, and biologics-enabling technologies (1).

Merck Expands Respiratory Portfolio with Verona Acquisition

Attention then turns to Merck’s $10 billion acquisition of Verona Pharma, bringing Ohtuvayre—its FDA-approved COPD drug—into Merck’s respiratory portfolio. The panel notes this as a strategic hedge against Merck’s looming Keytruda patent expiry. “The Merck deal looks good at first glance,” said Kevin Gade, COO at Bahl & Gaynor. “Given their home run with Prometheus and Winrevair, this (Ohtuvayre) looks like a potential complementary therapy” (2).

Policy Risks and AI Deployment in Biopharma

The conversation also touches on external pressures, including potential 200% tariffs that have sent companies scrambling to develop contingency plans (3). On the tech front, panelists assess how artificial intelligence is being deployed across discovery, development, and operational pipelines—and where its value is already being realized.

To round out the episode, panelists highlight some of today’s most active biotech investment targets: psychedelic compounds, Chinese follow-on products, and small molecule drugs aimed at unmet clinical needs.

Watch the full episode above for more insights into the evolving biopharma landscape, and catch up on previous episodes of 

Waters and BD's Biosciences & Diagnostic Solutions Business to Combine, Creating a Life Science and Diagnostics Leader Focused on Regulated, High-Volume Testing. News release. BD. July 14, 2025. https://investors.bd.com/news-events/press-releases/detail/892/waters-and-bds-biosciences-diagnostic-solutions-business-to-combine-creating-a-life-science-and-diagnostics-leader-focused-on-regulated-high-volume-testing

Merck to Acquire Verona Pharma, Expanding its Portfolio to Include Ohtuvayre® (ensifentrine), a First-In-Class COPD Maintenance Treatment for Adults and Expected to Drive Growth into the Next Decade. News release. Merck. July 9, 2025. https://www.merck.com/news/merck-to-acquire-verona-pharma-expanding-its-portfolio-to-include-ohtuvayre-ensifentrine-a-first-in-class-copd-maintenance-treatment-for-adults-and-expected-to-drive-growth-into-the-next-dec/

Gilchrest, K. Trump’s 200% Tariff Threat Leaves Pharma Firms Scrambling with Scenario Planning. CNBC. July 11, 2025. https://www.cnbc.com/2025/07/11/trump-200percent-pharma-tariffs-threaten-to-push-up-drug-prices-hit-margins.html

Videos

Behind the Headlines, Episode 20: CAR-T Milestones, Abbvie and Eli Lilly M&A Moves, and More

 is a bi-weekly panel discussion examining the latest trends, readouts, and other factors that drive pharmaceutical news and innovation. Each episode features consultants, venture capitalists, scientists, patient advocates, and journalists discussing the prior weeks’ top news while seeking to highlight the more enduring lessons that hide behind the headlines. 

In episode 20, the panel explores a new wave of developments in CAR-T innovation, biopharma dealmaking, and the evolving role of information in translational medicine. Sascha Berger, private biopharmaceutical investor; Shannon Eaker, CTO of Xcellbio; Edwin Stone, CEO of Cellular Origins; and Bryce Sady, VP of Product Development at PSL Group, unpack key headlines and examine the long-term implications shaping scientific progress and patient access.

CAR-T’s Next Chapter: From Solid Tumors to Regulatory Streamlining

The panel begins by examining the growing promise of CAR-T in solid tumors—a space long considered too complex or hostile for cell therapies. Recent data and development activity are challenging that view: Gilead Sciences reports 62% tumor shrinkage in glioblastoma (1); Affini-T Therapeutics is targeting KRAS mutations (2); and Immatics is advancing its pipeline into PRAME-positive tumors (3).

In parallel, the FDA announced it has removed Risk Evaluation and Mitigation Strategies (REMS) requirements for autologous CAR-T cell therapies. This decision, widely welcomed by the ATMP field, is expected to reduce the reporting burden on healthcare providers, broaden access, and help drive down overall treatment costs (4).

Strategic Acquisitions: AbbVie and Eli Lilly Bet Big

The panelists also explore the rationale behind two major acquisitions. AbbVie announced a $2.1 billion deal to acquire Capstan Therapeutics, strengthening its cell therapy and immunology portfolio (5). Meanwhile, Eli Lilly acquired Verve Therapeutics, whose VERVE-102 program is being positioned as a potential first-in-class in vivo gene editing therapy for cardiovascular disease. According to Lilly’s leadership, the treatment could help shift care from a chronic model to a one-time intervention (6).

The discussion closed with reflections on two systemic shifts: the ongoing talent exodus from the United States—driven in part by cuts to basic research funding—and the transformation of how research findings are shared and applied. Panelists discussed how modern publishing models, data capture technologies, and changes in information flow influence the pace and impact of translational medicine.

Watch the full episode above for more insights into the evolving biopharma landscape and catch up on previous episodes of 

Bagley, S.J., Desai, A.S., Fraietta, J.A. et al. Intracerebroventricular bivalent CAR T cells targeting EGFR and IL-13Rα2 in recurrent glioblastoma: a phase 1 trial.

. Published online June 1, 2025. DOI:10.1038/s41591-025-03745-0

Affini-T Therapeutics presents preclinical data from its programs targeting oncogenic drivers KRAS and TP53 at AACR. Press release. Affini-T Therapeutics. April 24, 2025. 

https://affinittx.com/press-releases/affini-t-therapeutics-presents-preclinical-data-from-its-programs-targeting-oncogenic-drivers-kras-and-tp53-at-aacr/

Immatics IMA203 PRAME cell therapy data presented at 2025 ASCO annual meeting continues to show strong anti-tumor activity and durability in patients with metastatic melanoma. Press release. Immatics. May 31, 2025. https://investors.immatics.com/news-releases/news-release-details/immatics-ima203-prame-cell-therapy-data-presented-2025-asco 

FDA Eliminates Risk Evaluation and Mitigation Strategies (REMS) for Autologous Chimeric Antigen Receptor (CAR) T Cell Immunotherapies. FDA Safety Communication; June 26, 2025. https://www.fda.gov/vaccines-blood-biologics/safety-availability-biologics/fda-eliminates-risk-evaluation-and-mitigation-strategies-rems-autologous-chimeric-antigen-receptor

AbbVie to Acquire Capstan Therapeutics, Further Strengthening Commitment to Transforming Patient Care in Immunology. Press release. AbbVie. June 30, 2025; https://news.abbvie.com/2025-06-30-AbbVie-to-Acquire-Capstan-Therapeutics,-Further-Strengthening-Commitment-to-Transforming-Patient-Care-in-Immunology

Lilly to Acquire Verve Therapeutics to Advance One-Time Treatments for People With High Cardiovascular Risk. Press release. Eli Lilly & Company. June 17, 2025; https://investor.lilly.com/news-releases/news-release-details/lilly-acquire-verve-therapeutics-advance-one-time-treatments

Sascha Berger, private biopharmaceutical investor; Shannon Eaker, CTO of Xcellbio; Edwin Stone, CEO of Cellular Origins; and Bryce Sady, VP of Product Development at PSL Group go behind the headlines to talk CAR-T advancements, exciting M&A developments, and the impact of lost research funding on innovation. 

Behind the Headlines, Episode 19: CGT Cost Pressures, BioNTech’s CureVac Move, and Spain’s CAR-T Model

In this episode, three experts from across the advanced therapy ecosystem examine the commercial growing pains of cell and gene therapies (CGTs), ongoing efforts to drive down costs, and what BioNTech’s recent bid for CureVac reveals about the messenger RNA (mRNA) landscape. Fabian Gerlinghaus, CEO of Cellares; Alexander Seyf, co-founder and CEO of Autolomous; and Knut Steffensen, director of the Karolinska Institutet and University Hospital ATMP Center, offer their perspectives on the urgent need for better integration across the therapeutic value chain.

Fragmentation and redundancy in CGT manufacturing

The panel highlights persistent inefficiencies in CGT manufacturing, including duplicated facilities, fragmented digital workflows, and increasing strain from external cost pressures such as energy prices and tariffs. The lack of shared infrastructure and harmonized systems continues to hamper scalability and access, while high manufacturing costs remain a major barrier for both developers and patients.

Academic CAR-T and the Spanish hospital model

Turning to alternative models, the panel discussed the emergence of in-house academic chimeric antigen receptor (CAR)-T manufacturing in Spain, enabled by regulatory flexibility that allows production in Grade C cleanrooms rather than more costly Grade B facilities. This approach—used in Spanish hospital centers—has reduced the per-treatment cost to under €100,000, in contrast to commercial products exceeding US$400,000. The academic model also benefits from a more integrated, “bench-to-bedside” design that improves coordination between research, manufacturing, and clinical care (1).

The discussion concluded with the implications of BioNTech’s proposed acquisition of CureVac (2). While some speculate the move is related to an ongoing patent dispute, the panel suggested the transaction also reflects broader strategic concerns, including a cooling vaccine market and a desire to bolster oncology capabilities and mRNA manufacturing scale. The CureVac deal may signal a shift in acquisition strategies across the mRNA sector as companies look to shore up competitive advantages in a rapidly evolving field.

Watch the full episode above for more insights into the evolving biopharma landscape, and catch up on previous episodes of

1. Li, F. Spain’s Hospital-Based CAR-T Goes Global: A Therapy, a System, or a New Paradigm? April 14, 2025, 

2. BioNTech. BioNTech Announces Strategic Transaction to Acquire CureVac in Public Exchange Offer. Press Release. 

Fabian Gerlinghaus, Alexander Seyf, and Knut Steffensen go behind the headlines and dive into the advanced therapy ecosystem. 

Jon Ellis and Simon Vanstone, PhD go behind the headlines to explore the latest M&A activity and what tariffs and funding changes could mean for mRNA and beyond. 

Behind the Headlines, Episode 18: Sanofi, GSK Go Big in M&A, mRNA Momentum Falters, and More

In episode 18, we’re joined by panelists Jon Ellis, co-founder and CEO of Trenchant Bio, and Simon Vanstone, PhD, consultant at SiVan Consulting Ltd, who analyze the latest wave of industry-shaping headlines—unpacking strategic acquisitions, biotech innovations, and the geopolitical currents impacting global biopharma operations.

The panelists began by spotlighting several significant deals making headlines recently. 

 of Blueprint Medicines—valued at $9.1 billion—raised eyebrows not just for its scale but also for the return to a more traditional modality (1). CEO Paul Hudson called the deal “a strategic step forward” in bolstering the company’s rare disease and immunology portfolio. Ellis noted the irony of a tyrosine kinase inhibitor—once the poster child of earlier biotech waves—commanding a nearly 30% premium on Blueprint’s prior share price.

Next, Eli Lilly’s $1 billion acquisition of SiteOne Therapeutics’ non-opioid Nav1.8 inhibitor added further momentum to non-addictive pain management R&D (2). Vanstone noted the strategic fit given SiteOne’s previous collaboration with Vertex on the Journavx compound.

The acquisition watch continued with GSK’s announcement of a deal worth up to $2 billion for a candidate targeting alcohol-related liver disease (ALD)—a condition affecting more than 26 million people globally (3). The drug comes via Boston Pharmaceuticals and signals GSK’s continued push into unmet needs within hepatology.

The conversation shifted to less celebratory news: the challenges posed by growing tariffs and cooling sentiment toward mRNA-based 

. With reports that the U.S. government had canceled $700 million in funding for Moderna’s bird flu vaccine program (4), Ellis and Vanstone emphasized the importance of collaborative strategies to insulate emerging therapies—particularly in cell and gene therapy—from supply chain disruptions and funding volatility.

Finally, the episode spotlighted Nomic Bio’s launch of the Omni 1000, a breakthrough platform for high-plex proteomics (5). With the ability to quantify 1,000 proteins at just $50 per sample, the technology promises to democratize large-scale proteomic studies. “Pairing plasma proteomics with health outcomes at scale has the potential to revolutionize the way we treat patients,” said Allie Greenplate, PhD, the director of Strategic Alliance and Operations for Immune Health at the University of Pennsylvania’s Perelman School of Medicine.

Watch the full episode above for more insights into the evolving biopharma landscape, and catch up on previous episodes of 

Sanofi to acquire Blueprint Medicines, expanding portfolio in rare immunological disease and adding early-stage pipeline in immunology. Sanofi. Press release. June 2, 2025. 

https://www.globenewswire.com/news-release/2025/06/02/3091538/0/en/Press-Release-Sanofi-to-acquire-Blueprint-Medicines-expanding-portfolio-in-rare-immunological-disease-and-adding-early-stage-pipeline-in-immunology.html

Lilly to expand its pain pipeline with acquisition of SiteOne Therapeutics. Eli Lilly. Press release. May 27, 2025. https://investor.lilly.com/news-releases/news-release-details/lilly-expand-its-pain-pipeline-acquisition-siteone-therapeutics

GSK to acquireefimosfermin, a phase III-ready potential best-in-class specialty medicine to treat and prevent progression of steatotic liver disease (SLD). Boston Pharmaceuticals. Press release. May 14, 2025. https://www.businesswire.com/news/home/20250513598541/en/GSK-to-acquire-efimosfermin-a-phase-III-ready-potential-best-in-class-specialty-medicine-to-treat-and-prevent-progression-of-steatotic-liver-disease-SLD

Moderna Announces Update on Investigational Pandemic Influenza Program. Moderna. Press release. May 28, 2025. 

https://investors.modernatx.com/news/news-details/2025/Moderna-Announces-Update-on-Investigational-Pandemic-Influenza-Program-/default.aspx

Nomic Bio Debuts $50 Proteome with Absolute Quantification Through Launch of Omni 1000. Nomic Bio. Press release. May 13, 2025. https://www.businesswire.com/news/home/20250513956212/en/Nomic-Bio-Debuts-$50-Proteome-with-Absolute-Quantification-Through-Launch-of-Omni-1000

Jon Ellis and Simon Vanstone, PhD, go behind the headlines to explore the latest M&A activity and what tariffs and funding changes could mean for mRNA and beyond.

Jamie Baumgartner, Jonathan Grinstein, and John Wilkerson go behind the headlines to discuss the implications of personalized gene-editing therapies, more HHS policy and funding updates, and the latest tariff-related investments. 

Behind the Headlines, Episode 17: Bespoke CRISPR Therapy, Executive Order Fallout, and more

In episode 17, we’re joined by panelists Jamie Baumgartner, President and CEO of Keystone Symposia on Molecular & Cellular Biology; Jonathan D. Grinstein, PhD, North American Editor for Inside Precision Medicine; and John Wilkerson, Washington correspondent for 

. The panelists dove into the beating heart of the life science ecosystem, discussing why researchers are currently attending conferences, what knowledge they are sharing, and what gaps in their knowledge they are looking to fill.

American Society of Gene and Cell Therapy (ASGCT) Annual Meeting

, which was recently held in New Orleans, was the chosen vehicle to announce a world first in 

 therapeutics. Scores of people have already benefited from receiving CRISPR-based therapies for genetic conditions such as sickle cell disease. In this case, collaboration among clinicians, scientists, and physicians helped create a custom-tailored therapy to address an infant with CPS1 deficiency. “This compromised his ability to process the nitrogen-containing compounds produced when the body breaks down protein. As a result, his blood had high levels of ammonia, a compound that is particularly toxic to the brain,” according to a news briefing from 

. (1) “In just six months, Muldoon received his first dose. After that initial dose, Muldoon could safely eat the amount of protein recommended for his age.” (1). Although a big success, the panel considered what the probabilities are for cost lowering, alongside widespread access deployment.

Policy changes at the Department of Health and Human Services (HHS), funding cuts, and tariffs were also discussed, with Sanofi following suit by announcing a 5-year, $20 billion investment into US manufacturing (2). However, the “most favored nation” proposed executive order caused Roche to announce it is beginning to rethink its own $50 billion investment announcement a week earlier (3, 4). 

1. Ledfod, H. World’s first personalized CRISPR therapy given to baby with genetic disease. 

. May 15, 2025. https://www.nature.com/articles/d41586-025-01496-z

2. Sanofi to invest at least $20 billion in the US through 2030, growing investments in science and expanding domestic manufacturing. Press release. Sanofi. Published May 14, 2025. https://www.prnewswire.com/news-releases/sanofi-to-invest-at-least-20-billion-in-the-us-through-2030-growing-investments-in-science-and-expanding-domestic-manufacturing-302455566.html

3. Roche warns that it needs to reconsider its U.S. investments due to Trump's drug pricing order. Bloomberg. May 16, 2025. 

https://www.bloomberg.com/news/articles/2025-05-14/roche-warns-us-investments-at-risk-from-trump-drug-price-plans?embedded-checkout=true

4. Franco, M. Trump Administration Revives Most-Favored-Nation Drug Pricing: Here's What to Know. Holland and Knight. May 14, 2025. 

https://www.hklaw.com/en/insights/publications/2025/05/trump-administration-revives-most-favored-nation-drug-pricing

Behind the Headlines, Episode 17: Bespoke CRISPR Therapy, Executive Order Fallout, and More

Behind the Headlines Episode 16: NIH Funding, Re-Shoring, Tariffs, and Cell and Gene Therapies

Behind the Headlines is a bi-weekly panel discussion examining the latest trends, readouts, and other factors that drive pharmaceutical news and innovation. Each episode features consultants, venture capitalists, scientists, patient advocates, and journalists discussing the prior weeks’ top news while seeking to highlight the more enduring lessons that hide behind the headlines.

In this episode, Donald Ingber, MD, PhD, founding director of Wyss Institute at Harvard University and co-founder of Emulate, Inc.; Miguel Forte, MD, PhD, president of the International Society for Cell & Gene Therapy, board member of Alliance for Regenerative Medicine, and CEO of Kiji Therapeutics;Ali Pashazadeh, founder of Treehill Partners; and Adam Inche, PhD, CEO and founder of Lentitek, examine the fast-changing landscape of manufacturing re-shoring, tariffs, National Institutes of Health (NIH) budget cuts, and the outlook for cell and gene therapies (CGTs).

In a growing series of announcements, Roche joins the chorus of press releases announcing manufacturing investment into the United States pharmaceutical sector, pledging to spend approximately $50 Billion over five years and creating more than 12,000 manufacturing jobs (1). Novartis also announced investment in the US in April (2). These announcements improved leverage for Swiss President Karin Keller Sutter, who meet with senior US officials in Washington in April to try to reduce a threatened 31% US tariff on Swiss exports. Sutter argued these tariffs should be offset by considering the amount of medical device and diagnostic products made in the US by Roche, which are exporting all around the world.

"Our investments have also been aligned with the Swiss government and form part of the ongoing discussions between the US and Switzerland," a Roche spokesperson said (1), with the 12,000 new positions, including 6500 in construction and 1000 at new and expanded facilities, according to Roche (1). Regeneron also pledged $3 billion to Fujifilm to manufacture pharmaceuticals in the US (3). 

The NIH is convulsing from deep fiscal and workforce cuts under the Trump administration. The new 15% cap on indirect cost reimbursements eliminates “$4 billion from over 2800 hospitals, universities, and research institutions nationwide, including utilities, maintenance, equipment purchases, and administrative support that laboratories need to produce high-quality research” (4). Whereas Harvard University, suffering uncertainty from a federal funding freeze, fought back in the courts stating, “Scientific advancement and the pursuit of knowledge fuel America’s innovation, economic success, and global leadership. The commitment to expanding human understanding is foundational at American universities, including Harvard, the Nation’s oldest institution of higher learning” (5).

And we round out the panel discussion with a look at the recent decline in investment for the CGT sector, in contrast to the burgeoning glucagon-like peptide-1 (GLP-1) class of weight loss drugs, when in overall global biopharma venture funding rose to $27 billion in 2024 from $23.2 billion in 2023. Cancer remained the top sector at $10.3 billion, according to DealForma (6).

1. Revill, J, Roche to Invest $50 Billion in US to Avoid Trump Tariffs, Create 12,000 Jobs. 

2. Wingrove, P. Novartis Plans to Invest $23 Billion in US Sites as Trump Renews Drug Tariff Threats. 

. April 11, 2025.https://www.reuters.com/business/healthcare-pharmaceuticals/novartis-plans-invest-23-billion-us-plants-trump-renews-drug-tariff-threats-2025-04-10/

3. GEN. FUJIFILM Diosynth Biotechnologies and Regeneron Sign 10-year, $3+ Billion U.S. Manufacturing Deal. 

4. Sabet, C.J.Medical Research Funding Cuts Will Save Money and Spend Lives, Correspondence, 2025 405 (10487) p1337-1338, April 19, 2025, 

https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(25)00544-6/fulltext

5. Harvard. Harvard Funding Freeze Order Complaint. In The United States District Court for the District Of Massachusetts. Complaint for Declaratory and Injunctive Relief. Harvard.edu. 

https://www.harvard.edu/research-funding/wp-content/uploads/sites/16/2025/04/Harvard-Funding-Freeze-Order-Complaint.pdf

6. Beasley, D, Gene Therapy Loses Luster as Investors Eye Quicker Returns from Weight-loss Drugs. 

Donald Ingber, MD, PhD; Miguel Forte, MD, PhD; Ali Pashazadeh, MRCS, MBA; and Adam Inche, PhD, MBA go behind the headlines to examine the fast-changing landscape of manufacturing re-shoring, tariffs, NIH budget cuts, and the outlook for cell and gene therapies. 

Chris Spivey

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