The Meb Faber Show - Better Investing Dan Rasmussen & D.A. Wallach on Biotech’s Surge, China, IPOs, US Valuations & Japan | #617
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Feb 9, 2026 
D.A. Wallach, venture investor at Time BioVentures and biotech-focused entrepreneur-artist. Dan Rasmussen, founder of Verdad Advisers and deep-equity researcher on biotech. They discuss biotech’s recent surge and research-driven lenses on winners and valuation. They cover China’s biotech rise, shifting IPO and VC dynamics, US stock valuation debates, and Japan’s corporate reform story.
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Patient Advocates Can Mask Weak Science
- Meb recalled spotting poor trial results because companies would mobilize patient advocates theatrically.
- The anecdote highlights how emotion can mask weak scientific outcomes in biotech.
China Became A Biotech Sourcing Hub
- China invested heavily in biotech infrastructure and now supplies many early-stage assets to big pharma.
- Early-stage trials in China are cheaper and faster, shifting where development happens.
Chinese Trial Data Earned Credibility
- Data quality concerns about Chinese trials eased as results were replicated outside China.
- Big pharma builds local diligence teams, increasing trust in Chinese-generated data.
