The new Chi­na dy­nam­ic, Trump 2.0, mar­kets and more: See you next week at JPM

When we start­ed putting to­geth­er this year’s JPM agen­da, we had three ma­jor fo­cus ar­eas: The tran­si­tion to Trump 2.0; the on-again, off-again mar­ket re­cov­ery, and the evolv­ing US-Chi­na dy­nam­ic.

These will be cru­cial forces af­fect­ing where biotech goes in 2025, and our goal is to give you — our read­er and our au­di­ence in San Fran­cis­co — a roadmap for un­der­stand­ing them.

Last year, the Chi­na nar­ra­tive was about Biose­cure. This year’s Chi­na sto­ry is go­ing to be about the ex­plo­sion of high-qual­i­ty, fast-fol­low as­sets that are be­ing picked up by rich­ly-fund­ed start­up con­sol­ida­tors and by phar­ma com­pa­nies hunt­ing for bet­ter deals. It’s a trend that has the po­ten­tial to up­end the ven­ture cap­i­tal in­vest­ment the­sis and how we val­ue in­no­va­tion, and we’ll talk about that with Sanofi’s head of R&D Houman Ashrafi­an and ARCH ven­ture cap­i­tal leg­end Bob Nelsen.

We’ll al­so talk about the macro mar­ket forces. Last year was bet­ter than 2023, but as our read­ers know from yes­ter­day’s piece from Kyle LaHu­cik, the red-light, green-light biotech re­cov­ery has mon­ey pour­ing in­to new com­pa­nies, but far few­er dol­lars com­ing out through IPOs and deals. We’ll have great con­ver­sa­tions with Cen­ter­view’s Er­ic Tokat, our blue-rib­bon in­vestor pan­el with Found­ing Ed­i­tor John Car­roll; a re­cent­ly IPO’d biotech, and oth­ers.

And then there’s Trump… The last eight weeks are proof that the next four years are go­ing to be a volatile ride. We’ll give you a roadmap and a re­al­i­ty check, with for­mer FDA Com­mis­sion­er Scott Got­tlieb, out­go­ing Medicare chief Meena Se­shamani, PhM­RA’s Stephen Ubl, and many oth­ers.

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Our full agen­da is stacked, and if you’ll be in San Fran­cis­co and don’t have a tick­et to join us yet, you can get 10% off by us­ing the dis­count code JPM25_10.

See you there, and come say hel­lo at our event and around town! (If you’re not trav­el­ing to JPM, you can al­so join us vir­tu­al­ly.)

— Drew