Pathfinders in Biopharma

Hosted by RBC Capital Markets

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Aug 2026

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Perspectives from the cutting edge of biotech and pharma. The fast-changing world of biopharma places a premium on trusted market insights from industry experts who can turn change into a competitive advantage. Stay ahead of the curve with our latest podcast series. Lead today. Define tomorrow.

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August 31, 202623 min

What's driving biotech's latest rally?

Biotech has delivered one of its strongest rallies in years, fueled by a resurgence in M&A activity, improving sentiment and continued innovation. But as valuations rise and competition intensifies, investors are becoming increasingly selective. RBC's biotech analysts explore the key drivers behind the rally, the outlook for M&A, the growing role of China and what could determine whether the sector sustains momentum through the second half of the year. Key Points M&A activity, improving regulatory sentiment and strong clinical data have helped drive a significant re-rating across biotech. Higher valuations have boosted investor confidence but may leave less room for error in the second half. Innovation continues to underpin long-term growth opportunities, although competition is increasing. China's growing role in drug development is reshaping competitive dynamics and business development strategies. Investors are becoming increasingly selective, with a greater focus on company-specific catalysts and fundamentals. Chapter Markers What's driving biotech's rally? [00:52) Brian Abrahams explores the key factors behind biotech's resurgence.. Why selectivity matters more now [2:30] Rising valuations have strengthened confidence across biotech, but investors may need to become more discerning about where they allocate capital in the second half. The outlook for biotech M&A [4:02] M&A remains a leading catalyst for biotech investors, with deal activity continuing to shape sentiment and sector performance. What the biotech investor survey revealed [7:11] Lisa Walter discusses investor positioning, valuation expectations and why enthusiasm remains constructive despite a more neutral stance following the rally. Innovation, drug launches and competitive advantage [11:02] Leonid Timashev explores how innovation, commercial execution and emerging modalities are shaping competitive advantage in biotech, and why successful launches remain critical to long-term value creation. China's growing influence in biotech [17:44] China's emergence as a leading source of innovation and business development activity is reshaping competitive dynamics across the biotech sector. What could drive the second half? [20:15] RBC analysts discuss the factors most likely to determine whether biotech can sustain its momentum.

July 15, 202612 min

Dyne Therapeutics pioneers direct drug delivery to muscle and CNS

Dyne Therapeutics is an early-stage company gearing up for its first launch, promising to tackle unmet need in patients with neuromuscular disease. President and CEO John Cox outlines the science behind the company’s ambitions, and the expansion efforts that will support its metamorphosis from early-stage company to fully-fledged biotech. Key Points • Dyne Therapeutics is pioneering a new delivery method for its products targeting neuromuscular disease. • With two launches planned, the business is preparing to transform from early-stage company to fully-integrated biotech. • Shared clinical and commercial pathways for Dyne’s primary disease areas allow for capital investment efficiencies. Introductions [00:06] Host Joe Coletti introduces John Cox, President and CEO of Dyne Therapeutics, a clinical-stage biotechnology company focused on delivering functional improvement for people living with genetically driven neuromuscular diseases. Dyne’s journey to commercialization [00:47] Dyne spent 2025 validating its delivery platform. In 2026 it aims to transform itself from an early-stage to a commercial company, with its first product launch scheduled for 2027. Novel drug delivery method [02:09] While most genetic therapies approved for use in the past 10 years have been delivered to the liver, Dyne’s technology is designed to deliver direct to the muscle and the central nervous system. Evidence of effectiveness [03:37] The technology allows for higher-than-typical dosage, but with a favorable safety profile. Trials are showing an improvement in function from baseline for patients with Duchenne muscular dystrophy and myotonic dystrophy. Capabilities and capital investment [06:22] The company is drafting in new capabilities to prepare for product launches. With $900m on the balance sheet, it is well capitalized. Its disease areas share the same clinical and commercial pathways, allowing for efficient capital allocation.

June 13, 202614 min

Why the MFN price battle is heading for court, not legislature

The U.S. administration is keen to sign up more companies to drug pricing deals, and mandatory rules are on the way. But how will the midterm elections affect these and other healthcare policy issues? At RBC’s Global Healthcare Conference, Hunter Hammond and Will Humphrey of Capstone’s healthcare group offered insights on the direction of policy for the rest of the year and beyond. Key Points Mandatory Most Favored Nation pricing rules are likely to be contested in court. The FDA’s initiatives to speed drug development are signals of its modernization intent. The U.S. is more likely to use incentives than sanctions to address mass in-licensing of Chinese innovation. The current program to extend access to GLP-1s could be a template for future breakthrough drugs. Democrat gains in the midterm elections would likely limit further hospital cuts. Introductions [00:08] Host Joe Coletti introduces highlights from the U.S. Healthcare Policy Panel at RBC’s Global Healthcare Conference, featuring Hunter Hammond and Will Humphrey of Capstone’s Healthcare Group. Midterm campaigning [00:40] In the run-up to the midterms, the U.S. administration will aim to focus on messaging about popular policies, such as cutting waste and fraud in Medicare and Medicaid. FDA changes [01:41] After turmoil in the FDA, new leadership is designed to promote stability. Recent moves to speed drug approvals are likely to continue and offer an important signal about FDA modernization. Chinese innovation [04:31] The administration may be uncomfortable with U.S. in-licensing of Chinese technologies, but it is more likely to respond with incentives than any attempt to block the practice. Drug pricing [06:17] Most Favored Nation mandatory pricing models have yet to be finalized and are likely to be challenged in court. Democrats will not support codification of MFN. Democrat priorities [08:08] Democratic gains in the midterms would have the effect of protecting hospitals from further cuts. Reform of 340B is unlikely, however.

June 13, 202617 min

4DMT targets global retina market with long-lasting genetic treatment

This episode of RBC Pathfinders in Biopharma explores how next-generation retinal gene therapies could transform treatment for patients with wet AMD and diabetic macular edema. CCBO of 4D Molecular Therapeutics, Chris Simms, discusses the promise of reducing the burden of frequent injections through long-lasting therapies designed to preserve vision for years. The conversation also examines the firm’s commercial opportunity, global roll-out ambitions, and why sustained retinal care could reshape the future of retina.

June 9, 202632 min

Big-value deals set the pace in healthcare M&A

Life sciences is a hub of dealmaking activity. Over the past year, more than 30 transactions valued at $1 billion or more have crossed the finish line. But the picture in other segments of healthcare is more mixed. At RBC Capital Markets’ Global Healthcare Conference in New York, Darren Campili, Global Head of Healthcare Investment Banking, hosts colleagues David Levin, Ahmed Attia and Jason Levitz to explore what's driving deals and where the opportunities are heading. Key Points Healthcare M&A is strong, with a surge of high-value deals in life sciences. Equity performance is challenging, but investors in life sciences and biotech have seen good outcomes. IPO activity has rebounded; again, life sciences and biotech are most successful. Dealmaking has been largely unaffected by regulatory uncertainty, though challenges remain on reimbursement and MFN pricing. Larger companies believe they have the edge in using AI for profitability and competitiveness. Introductions [00:25] Host Darren Campili, Global Head of Healthcare Investment Banking, introduces the podcast and guests: David Levin, Co-Head of U.S. M&A; Ahmed Attia, Managing Director, Healthcare M&A; and Jason Levitz, Head of Healthcare Equity Capital Markets. M&A strength in healthcare [01:11] The M&A market in life sciences is extremely strong. The number of $1 billion-plus deals has tripled in the past year. There has been significant activity among mid-caps as well as large-cap companies, and a diversity of premiums. Healthcare in the equity markets [13:24] In the broader context of the U.S. equity markets, healthcare is performing poorly, particularly among large-cap medtech and services companies. At the same time, life sciences and biotechs are outperforming, leading to diverse outcomes for investors. IPO activity [15:20] IPO volumes have rebounded after some disappointing years. Deal flow has centered on oncology, I&I, and CNS. Political impact [24:15] Dealmaking has continued despite uncertainty over the FDA. Tariff policy has been a net positive for U.S. inflows as pharma businesses seek U.S. capabilities. Managing reimbursement and Most Favored Nation pricing remains challenging for some.

May 22, 202612 min

Is this finally the breakthrough moment for psychedelic therapies?

Psychedelics are poised for a breakthrough in mainstream psychiatry, with high interest among physicians and patients alike. But does the infrastructure exist to deliver these treatments, given the clinical supervision required for administration? RBC’s researchers have been out in the field to find the answer. Brian Abrahams, Head of Global Healthcare Research, and Leonid Timashev, Biotechnology Analyst, reveal their findings on the practicalities of a psychedelics roll-out. Key Points Patient and physician interest and favorable regulation signal an imminent breakthrough for psychedelics to treat mental ill-health. April’s Presidential order on accelerated research and access for veterans with PTSD is also supportive. Psychedelics raise challenges for clinical trials, but companies are finding ways to handle these. RBC’s research indicates existing clinic infrastructure is equipped to deliver psychedelics with the required clinical supervision. Introductions [00:06] Host Joe Coletti introduces the podcast and guests: Brian Abrahams, Head of Global Healthcare Research, and Leonid Timashev, Biotechnology Analyst. The springboard for discussion is the case made in the recent RBC Imagine report that a transformation in mental health treatment is imminent. Pivotal moment for psychedelics [01:06] Psychedelic drugs have the potential to deliver effective treatment for huge unmet patient need. Expert opinion at an RBC symposium indicates high physician interest, favorable pricing and reimbursement dynamics, limited generic risk, and an increasingly clear regulatory path. Executive order on PTSD [05:06] The recent Presidential executive order, sanctioning accelerated research and access in this field specifically for veterans with PTSD, is another tailwind. Risks and challenges [06:22] Psychedelic drugs raise specific challenges in clinical trials, but these are surmountable. The biggest concern for investors is the capacity to commercialize psychedelic treatments at scale, given the need for clinical supervision. Infrastructure for delivery [07:48] RBC’s research, based on clinics already delivering Spravato, suggests psychedelic treatments could be launched within existing infrastructure. Patients are enthusiastic; clinicians are already preparing for delivery. Listen and subscribe to Strategic Alternatives on Apple, Spotify, or wherever you get your podcasts. If you enjoyed this episode, please leave us a review and share the podcast with others.

January 27, 202613 min

No biotech bubble – but can the sector’s rally persist through 2026?

Strong launches, positive sentiment, flowing capital, and favorable macro and policy indicators: the signals remain strong as the biotech sector enters 2026. Yet investors may need to search harder for opportunities this year, according to new RBC research. Brian Abrahams, Head of Global Healthcare Research, highlights some of the classes set for new breakthroughs, and points to the potential tripwires that lie ahead as biotech looks to continue its near-historic rally.

September 17, 202511 min

MindMed: Rethinking brain health with psychedelic therapy

Over the last 18 months, MindMed has undergone an extraordinary transformation. It released compelling data for its LSD-based drug MM120, followed by FDA breakthrough designation for MM120 for the treatment of GAD, and strong financial backing. CEO Rob Barrow outlines the company's ambitious goals and the path to potentially transforming mental healthcare at RBC's Global Healthcare Conference.

September 3, 202512 min

Funding the future of retinal health with Eyepoint

Eyepoint CFO George Elston provides insights on the evolving space of retinal disease treatment, focusing on capital allocation, medical innovation, industry engagement and financial prudence.

July 24, 202520 min

How Blackstone Life Sciences is bridging the innovation gap

Paris Panayiotopoulos, Senior Managing Director at Blackstone Life Sciences, shares how the firm’s broad life sciences strategy has been advancing innovation across the life sciences ecosystem in three key ways: late-stage product financing (Collaboration) and new company creation (Ownership), and non-dilutive financing (Credit and Royalties). He explains how Blackstone is bridging the innovation funding gap through high-conviction partnerships with larger BioPharma and MedTech companies, and targeted investment in late-stage trials.