A cluster of recent deals put AI discovery platforms at the center. The terms, optioned and hedged, are more cautious than the conviction suggests.
Cutting headcount to survive the next milestone creates exposures distinct from those of growth, and most boards underestimate them.
Bundibugyo had no vaccine, no treatment, no diagnostic for seventeen years. It took 900 cases to change the math.
Anthropic paid $400 million for an eight-month-old stealth biotech and opened a wet lab. The argument: one generalist model, trained heavily on biology, can do more for drug discovery than every specialist tool in the stack.
A drug that has already escaped the market meant to contain it. Two companies building for a future that hasn't arrived yet. This week's long view runs from a Phase III obesity readout all the way to the future of genetic medicine.
