Overview
- Day one in San Francisco produced no major merger announcements or high-dollar licensing agreements, despite active meetings and a buoyant mood.
- Reports of Merck in talks to buy Revolution Medicines for up to $32 billion remained unconfirmed as company executives declined to comment.
- Pfizer’s Albert Bourla said the company could deploy about $6 billion for additional business development following its $10 billion Metsera acquisition.
- Lower valuations and a busy early-January fundraising window drew investors back to biotech, with venture firms highlighting fuller calendars and more attractive pricing influenced in part by competition from China.
- Drug pricing and policy took center stage, with discussion of the IRA, MFN-style models, and calls for PBM and 340B reforms, alongside warnings to bolster U.S. competitiveness versus China and keep regulation aligned with fast-moving science such as CRISPR.