Is JPM worth it? As the buzzy con­fer­ence dies down, de­bate on its val­ue rum­bles on

The ex­or­bi­tant cost of at­tend­ing JP­Mor­gan — from ho­tels and flights to cof­fee and meet­ing space — has long been a talk­ing point for bio­phar­ma ex­ecs gath­er­ing in San Fran­cis­co every Jan­u­ary. But as the in­dus­try’s sig­na­ture net­work­ing con­fab fades out, the age-old ques­tion is once again in fo­cus: Is it all worth­while?

Bruce Booth

In a re­flec­tive ar­ti­cle be­moan­ing the con­fer­ence’s val­ue and a neg­a­tive stream of “ex­cess­es,” Bruce Booth of At­las Ven­ture gave an em­phat­ic an­swer: No.

Booth, a 15-year vet­er­an of the con­fer­ence, said he won’t be re­turn­ing for #JPM20 af­ter this year’s JP­Mor­gan week “reached a tip­ping point” for him.

“Who was the mar­ket­ing ge­nius at J.P. Mor­gan that picked an ex­pen­sive look­ing gold pill with gold­en DNA as the lo­go for the year’s con­fer­ence? The jux­ta­po­si­tion of shiny gold and our in­dus­try’s med­i­cines in a world where health­care costs are con­sid­ered out of con­trol is the pin­na­cle of tone deaf­ness. […] Dis­ci­plined cap­i­tal al­lo­ca­tion ap­pears a thing of the past; in­stead, it feels like the col­lec­tive in­dus­try just wants more mon­ey, green mon­ey, dumb mon­ey… and gold pills.”

And this overzeal­ous fo­cus on fi­nan­cials — mar­ket sizes, rev­enues, M&A syn­er­gies, and deal val­ues — seems to over­shad­ow the in­dus­try’s mis­sion to im­pact pa­tients’ lives, Booth not­ed.

“There were no new Emi­ly White­head’s, Creed Pet­tit’s, or Eve­lyn Vil­lar­real’s to cap­ture the essence of what we are do­ing as an in­dus­try,” he wrote, re­fer­ring to young pa­tients who be­came the faces of pi­o­neer­ing treat­ments like CAR-T and gene ther­a­pies for blind­ness and spinal mus­cu­lar at­ro­phy.

Yet, Booth ar­gued, for all that JPM promis­es to bring in net­work­ing val­ue, the re­turn seems to be in­creas­ing­ly low giv­en the del­uge of su­per­fi­cial and large­ly un­pro­duc­tive meet­ings — at least for At­las, which is fo­cused on com­pa­ny cre­ation and has tra­di­tion­al­ly de­vot­ed its time at JPM to re­view­ing port­fo­lios of larg­er bio­phar­ma com­pa­nies.

He con­ced­ed that oth­ers, such as com­pa­nies rais­ing mon­ey, might still find the dense net­work­ing op­por­tu­ni­ties valu­able, a point quick­ly echoed by oth­ers on Twit­ter:

Mean­while, oth­ers echoed his opin­ion — in line with the broad­er #Move­JPM move­ment — that the meet­ing should take place in a “more con­ducive lo­ca­tion that can ap­pro­pri­ate­ly ac­com­mo­date 15K+ peo­ple.”

That like­ly won’t hap­pen any time soon, though, as JP Mor­gan has a long-term con­tract with the West­in St Fran­cis ho­tel that will keep the con­fer­ence in the same lo­ca­tion for at least an­oth­er 17 years, ac­cord­ing to a STAT re­port.

So though Booth may be sound­ing a farewell to JPM, the an­nu­al gath­er­ing will be hard to shake off — even for his col­leagues at At­las: “(W)hile we’ve con­clud­ed a sig­nif­i­cant firm-lev­el pres­ence doesn’t make sense, oth­er team mem­bers may at­tend as in­di­vid­ual in­ter­ests/needs/in­vest­ments may war­rant it,” he told me.


Im­age: West­in St. Fran­cis Ho­tel. SHEHLA SHAKOOR for END­POINTS NEWS

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Every individual’s DNA is unique, and because of this, every patient responds differently to disease and treatment. It is astonishing how four tiny building blocks of our DNA – A, T, C, G – dictate our health, disease, and how we age.

The tricky thing about DNA is that it is constantly exposed to damage by sources such as ultraviolet light, certain chemicals, toxins, and even natural biochemical processes inside our cells.¹ If ignored, DNA damage will accumulate in replicating cells, giving rise to mutations that can lead to premature aging, cancer, and other diseases.

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Doug Ingram (file photo)

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We just have to wait until 2024 to find out if it works.

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Fol­low biotechs go­ing pub­lic with the End­points News IPO Track­er

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Check it out here: Biopharma IPOs 2021 from Endpoints News

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Biotech Voices is a collection of exclusive opinion editorials from some of the leading voices in biopharma on the biggest industry questions today. Think you have a voice that should be heard? Reach out to senior editors Kyle Blankenship and Amber Tong.

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Steve Cutler, Icon CEO (Icon)

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Contract research M&A had a healthy run in recent years before recently petering out. But with the market ripe for a big buyout and the Covid-19 pandemic emphasizing the importance of decentralized trials, Wednesday saw a tectonic shift in the CRO world.

Icon, the Dublin-based CRO, will acquire PRA Health Sciences for $12 billion in a move that will shake up the highest rungs of a fragmented market. The merger would combine the 5th- and 6th-largest CROs by 2020 revenue, according to Icon, and the merger will set the newco up to be the second-largest global CRO behind only IQVIA.

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