BioCentury This Week Ep. 359 - 2Q markets preview, tariffs and biotech takeouts
Apr 7, 2026
Steve Usdin, Washington editor and regulatory reporter for BioCentury, gives a quick primer on U.S. pharma policy and FDA shifts. He walks through the Trump administration’s tariff plan and who it will squeeze. He also highlights major biotech takeouts like Lilly’s Centessa move and Biogen’s Apellis purchase, and what those deals signal for industry strategy.
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Biotech Resilience Fueled By M&A And Upsized Financings
- Biotech showed resilience into Q1 driven by M&A, upsized financings and positive clinical readouts.
- Stephen Hansen noted nine deals totaling ~$32B in Q1 and multiple upsized raises that attracted large long-only mutual funds.
Geopolitical Risk Could Re-Pressure Small Cap Biotech
- The Middle East conflict created a cloud over Q2 outlook by threatening higher oil, inflation and rates that disproportionately hit small caps.
- Simone Fishburn and Stephen Hansen warned SMID and small biotech caps are most vulnerable as investors rotate to larger, liquid names.
Pause IPO Plans During Market Volatility
- Expect IPO activity to pause until volatility drops and plan non-dilutive or M&A alternatives.
- Stephen Hansen and Simone emphasized IPOs are most vulnerable while M&A and financings continue to be viable paths.