Ep. 386 - Novartis misses, pharma deals analysis, MFN carve-outs

Novartis faces a $40 billion market cap decline following three failed clinical trials, including the high-profile Pelicarcin study, which raises questions about the efficacy of antisense oligonucleotides versus siRNA in cardiovascular disease. While the broader pharmaceutical sector continues to embrace disruptive technologies like bispecifics and in vivo CAR-T therapies, deal-making remains robust, with Eli Lilly leading the industry in licensing activity. Meanwhile, the U.S. administration’s Most Favored Nation drug pricing policy struggles to gain traction among domestic biotechs, as companies navigate potential tariff exposure and legislative uncertainty. The industry also mourns the loss of FDA law icon Peter Barton Hutt, whose foundational work established key regulatory standards, including the adequate and well-controlled investigation requirement and the legal framework for off-label drug prescribing.