The Readout Loud 394: Eli Lilly's deal man, Allogene's off-the-shelf CAR-T, and Merck's Terns buy
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Mar 26, 2026 They dig into Eli Lilly’s aggressive deal-making and why some targets push back. Merck’s nearly $7 billion purchase of Terns and the investor backlash get unpacked. An upcoming Allogene data readout on off-the-shelf CAR-T for B-cell lymphoma is previewed. A surprising weight-loss trial miss from Wave Life Sciences sparks discussion.
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Wave's Drug Cut Visceral Fat But Not Body Weight
- Wave Life Sciences' RNAi inhibitor targeting inhibin showed visceral fat reductions but failed to produce meaningful overall weight loss.
- Elaine Chen and Adam highlighted placebo-adjusted six-month weight loss was ~0.9% and visceral fat baseline was only about 1 kg, limiting clinical impact.
Lilly’s Acqui-Hire That Built Its Deal Team
- Jake Van Narden was hired into Eli Lilly via acquisition and rapidly rose to head of oncology and BD.
- Adam Feuerstein noted Lilly kept Loxo Oncology execs like Van Narden after buying Loxo, demonstrating successful acqui-hire integration.
Lilly Sees Many Deals But Faces A Valuation Gap
- Jake Van Narden says Lilly sees roughly 10 potential deals weekly but many offers get rebuffed.
- Van Narden highlighted public companies often decline conversations even when Lilly offers a market premium, implying a valuation gap.