TD Cowen’s Biotech Decoded Podcast Series
Insight by Yaron Werber
Biotech Decoded takes listeners behind the scenes of the biotechnology industry. Hosted by Yaron Werber, TD Cowen’s Biotechnology Analyst, Biotech Decoded looks at the intricacies of managing a successful biotech, from navigating mergers & acquisitions to discussing what it takes to be an effective biotech leader. Guests include management teams from leading biotechnology companies.
Biotech Decoded Podcast Series
- Episode 1: Embracing External Innovation: Yaron Werber, Biotechnology Analyst speaks with George Golumbeski, former EVP Business Development at Celgene and Tom Daniel, former President, Global Research & Early Development at Celgene. They discuss qualities that support biotech innovation including the importance of collaboration, balancing internal and external innovation, and how a “deal-friendly” culture fosters partnerships.
- Episode 2: Getting to “Win-Win” in Partnerships: David Schenkein, General Partner, GV speaks with Yaron Werber, Biotechnology Analyst about the role of external innovation in building a successful company from the perspective of large and small companies based on his experiences at Genentech and Agios.
- Episode 3: Look Externally Not Internally for Innovation: Sophie Kornowski, Ph.D., Partner at Gurnet Point Capital, and Doug Giordano, Managing Director, Perceptive Advisors speak with Yaron Werber, M.D., Biotechnology Analyst about how they thought through valuations when they headed transactions at Roche and Pfizer, the importance of taking risks, and staying humble.
- Episode 4: What Happens in the Room Where Biopharma Deals Happen: Devang Bhuva, Senior Vice President, Corporate Development and Alliance Management at Gilead speaks with Yaron Werber, M.D., Biotechnology Analyst. They share an inside look at the deal-making process from start to finish. They discuss how deals get done, trends in oncology M&A, the framework that potential acquirers use to triage and identify potential targets, and what happens on both sides of the negotiating table.
- Episode 5: Building to Exit or Building to Go It Alone: Yaron Weber, Biotechnology Analyst, speaks with Jean-Francois Formela, Partner at Atlas Venture and Otello Stampacchia, Founder of Omega Funds about investing in and building companies from the ground up, particularly in light of the unprecedented pace of innovation in biotech.
- Episode 6: Unlocking Value From the Inside: Behzad Aghazadeh, Managing Partner & Portfolio Manager for Avoro Capital Advisors and Alex Denner, Founder of Sarissa Capital Management spoke with Yaron Werber, Biotechnology Analyst about the importance of human capital for operational excellence, how boards operate, ongoing M&A trends, and unlocking value from the inside by working at the board level as an activist investor.
- Episode 7: Thoughts From The Trenches: Paul Biondi, Executive Partner at Flagship Pioneering and President of Pioneering Medicines, spoke with Biotechnology Analyst Yaron Werber about how internal alignment in a company’s innovation strategy is an under-appreciated driver of successful transactions in the Biotechnology space.
- Episode 8: Biotech From A To Z With Lundbeck: Deborah Dunsire, President & CEO of Lundbeck, joins Biotechnology Analyst Yaron Werber to discuss the similarities and differences between leading smaller, US-based biotechs and larger pharmaceutical companies with a global footprint. They also cover the importance of having a long-term outlook focused on sustainability, social responsibility, and diversity, as well as the key elements underlying successful collaborations.
- Episode 9: A Look Behind The Scenes: Natalie Holles, CEO of Third Harmonic Bio, and Effie Toshav, Partner at Fenwick & West, join Cowen’s Biotechnology Analyst, Yaron Werber, M.D. They discuss the respective roles of the board and C-suite when it comes to setting strategy and creating value, as well as the importance of diversity, transparency, and flexibility in management teams.
- Episode 10: IR Best Practices & Faux Pas: Anne Daub, Biotechnology Analyst at T. Rowe Price, and Isai Peimer, Biotech Analyst at Surveyor Capital (Citadel), join Cowen Biotechnology analyst Yaron Werber for a discussion about the dos & don’ts of investor relations.
- Episode 11: Women Leaders In Biotech VC: Abbie Celniker, Partner at Third Rock Ventures, and Nina Kjellson, Partner at Canaan, spoke with Cowen biotechnology analyst Yaron Werber about their outlook for company formation and financing in FY23. They also discussed how companies are adjusting to new market realities and their experiences as women leaders in biotech venture capital.
- Episode 12: Owning It In The Biotech C-Suite: David Epstein, CEO of Seagen, and Laura Hamill, former EVP, Global Commercial Operations at Gilead Sciences and SVP & General Manager of US Commercial Operations at Amgen, join Yaron Werber, TD Cowen’s Biotechnology Analyst. David and Laura discuss owning their roles as C-suite executives, accountability, and being biotech company leaders. They offer insights on the difference between being a functional area leader vs. being a company leader, and what it means to think like a CEO.
- Episode 13: Biotech And The Inflation Reduction Act: Sussing Out The IRA: John Murphy, Chief Policy Officer & Healthcare Counsel at the Biotechnology Innovation Organization (BIO) speaks with Yaron Werber, Biotechnology Analyst about how the Inflation Reduction Act (IRA) will impact innovation in biotech.
- Episode 14: Reaching New Frontiers With Founding CEO & Current Director of Generate Biomedicines: On this episode of TD Cowen’s Biotech Decoded Podcast Series, Geoff von Maltzahn, general partner at Flagship Pioneering and founding CEO and current Director of Generate Biomedicines joins Yaron Werber, Biotechnology Analyst. They discuss the AI revolution in biotech and how generative biology has impacted the drug development process.
- Episode 15: The Biotech Entrepreneur’s Corner: Daphne Zohar, Founder and CEO of PureTech, and Brad Loncar, Founder of BiotechTV join Yaron Werber, Biotechnology Analyst to discuss their unique experiences as biotech entrepreneurs.
- Episode 16: Biotech Investing During Bear Markets: Chris Garabedian, Co-Founder, Chairman, and CEO of Xontogeny and Portfolio Manager of the Perceptive Advisors Ventures Fund joins Yaron Werber, Biotechnology Analyst to share his insights on early biotech investing.
Episode 1: Embracing External Innovation
Yaron Werber, Biotechnology Analyst speaks with George Golumbeski, former EVP Business Development at Celgene and Tom Daniel, former President, Global Research & Early Development at Celgene. They discuss qualities that support biotech innovation including the importance of collaboration, balancing internal and external innovation, and how a “deal-friendly” culture fosters partnerships.
For the full transcript click here
Episode 2: Getting to “Win-Win” in Partnerships
David Schenkein, General Partner, GV speaks with Yaron Werber, Biotechnology Analyst about the role of external innovation in building a successful company from the perspective of large and small companies based on his experiences at Genentech and Agios. They also speak about how to establish “win-win” deals and the importance of deal term structure in facilitating successful collaborations.
For the full transcript click here
Episode 3: Look Externally Not Internally for Innovation
Sophie Kornowski, Ph.D., Partner at Gurnet Point Capital, and Doug Giordano, Managing Director, Perceptive Advisors speak with Yaron Werber, M.D., Biotechnology Analyst. They discuss how they thought through valuations when they headed transactions at Roche and Pfizer, the importance of taking risks, and staying humble. They also speak about the importance of building relationships, getting internal alignment and support for deals, and offer a behind-the-scenes look at how deals are done.
For the full transcript click here
Episode 4: What Happens in the Room Where Biopharma Deals Happen
In this episode, Devang Bhuva, Senior Vice President, Corporate Development and Alliance Management at Gilead speaks with Yaron Werber, M.D., Biotechnology Analyst. They share an inside look at the deal-making process from start to finish. They discuss how deals get done, trends in oncology M&A, the framework that potential acquirers use to triage and identify potential targets, and what happens on both sides of the negotiating table.
For the full transcript click here
Episode 5: Building to Exit or Building to Go It Alone
Yaron Weber, Biotechnology Analyst, speaks with Jean-Francois Formela, Partner at Atlas Venture and Otello Stampacchia, Founder of Omega Funds. They discuss investing in and building companies from the ground up, particularly in light of the unprecedented pace of innovation in biotech. Science prevails when it comes to investing in early-stage biotechs, but many key strategic and financing decisions need to be made along the way, especially as relating to selling the company or going it alone.
For the full transcript click here
Episode 6: Unlocking Value From the Inside
Behzad Aghazadeh, Managing Partner & Portfolio Manager for Avoro Capital Advisors and Alex Denner, Founder of Sarissa Capital Management spoke with Yaron Werber, Biotechnology Analyst about the importance of human capital for operational excellence, how boards operate, ongoing M&A trends, and unlocking value from the inside by working at the board level as an activist investor.
For the full transcript click here
Episode 7: Thoughts From the Trenches
Paul Biondi, Executive Partner at Flagship Pioneering and President of Pioneering Medicines, spoke with Biotechnology Analyst Yaron Werber about how internal alignment in a company’s innovation strategy is an under-appreciated driver of successful transactions in the Biotechnology space. Paul also offers insights into the need for appropriate risk-taking and disciplined spending for early and late-stage deals, the R&D challenges of navigating an ever-increasing number of validated modalities, and how biotech collaborations will evolve in the coming years.
For the full transcript click here
Episode 8: Biotech From A To Z With Lundbeck
Deborah Dunsire, President & CEO of Lundbeck, joins Biotechnology Analyst Yaron Werber to discuss the similarities and differences between leading smaller, US-based biotechs and larger pharmaceutical companies with a global footprint. They also cover the importance of having a long-term outlook focused on sustainability, social responsibility, and diversity, as well as the key elements underlying successful collaborations.
For the full transcript click here
Episode 9: A Look Behind The Scenes
Natalie Holles, CEO of Third Harmonic Bio, and Effie Toshav, Partner at Fenwick & West, join Cowen’s Biotechnology Analyst, Yaron Werber, M.D. They discuss the respective roles of the board and C-suite when it comes to setting strategy and creating value, as well as the importance of diversity, transparency, and flexibility in management teams.
Natalie and Effie also share their experiences as women in biotech, discuss the value of cultivating an enduring peer network, and provide an inside take on what enables successful M&A.
For the full transcript click here
Episode 10: IR Best Practices & Faux Pas
Anne Daub, Biotechnology Analyst at T. Rowe Price, and Isai Peimer, Biotech Analyst at Surveyor Capital (Citadel), join Cowen Biotechnology analyst Yaron Werber for a discussion about the dos & don’ts of investor relations.
Anne and Isai offer insights into how companies can communicate effectively with the buy side and sell side, attract investor attention without overcrowding events/calls, and properly manage expectations. They also discuss how the ability to facilitate an insightful dialogue between investors and management can differentiate a good IR person from a great one.
For the full transcript click here
Episode 11: Women Leaders In Biotech VC
Abbie Celniker, Partner at Third Rock Ventures, and Nina Kjellson, Partner at Canaan, spoke with Cowen biotechnology analyst Yaron Werber about their outlook for company formation and financing in FY23. They also discussed how companies are adjusting to new market realities and their experiences as women leaders in biotech venture capital. While there has been great progress toward gender equality in the industry, a lot of work remains to be done.
For the full transcript click here
Episode 12: Owning It In The Biotech C-Suite
In this episode of TD Cowen’s Biotech Decoded Podcast Series, David Epstein, CEO of Seagen, and Laura Hamill, former EVP, Global Commercial Operations at Gilead Sciences and SVP & General Manager of US Commercial Operations at Amgen, join Yaron Werber, TD Cowen’s Biotechnology Analyst on this episode.
David and Laura discuss owning their roles as C-suite executives, accountability, and being biotech company leaders. They offer insights on the difference between being a functional area leader vs. being a company leader, and what it means to think like a CEO. They also highlight key traits of successful management teams, including clarity of purpose, willingness to prioritize, making tough early decisions, and fostering a cohesive and communicative company culture.
For the full transcript click here
Episode 13: Biotech And The Inflation Reduction Act: Sussing Out The IRA
John Murphy, Chief Policy Officer & Healthcare Counsel at the Biotechnology Innovation Organization (BIO) speaks with Yaron Werber, Biotechnology Analyst about how the Inflation Reduction Act (IRA) will impact innovation in biotech.
For the full transcript click here
Episode 14: Reaching New Frontiers With Founding CEO & Current Director of Generate Biomedicines
Geoff von Maltzahn, general partner at Flagship Pioneering and founding CEO and current Director of Generate Biomedicines joins Yaron Werber, Biotechnology Analyst. They discuss the AI revolution in biotech and how generative biology has impacted the drug development process.
For the full transcript click here
Episode 15: The Biotech Entrepreneur’s Corner
Daphne Zohar, Founder and CEO of PureTech, and Brad Loncar, Founder of BiotechTV join Yaron Werber, Biotechnology Analyst to discuss their unique experiences as biotech entrepreneurs.
For the full transcript click here
Episode 16: Biotech Investing During Bear Markets
Chris Garabedian, Co-Founder, Chairman, and CEO of Xontogeny and Portfolio Manager of the Perceptive Advisors Ventures Fund joins Yaron Werber, Biotechnology Analyst to share his insights on early biotech investing.
For the full transcript click here