UBS Equities-US Thematic Research _The Pulse Monitor Recent US healthcar...-116127218

ab24 June 2025Global ResearchUS Thematic ResearchThe Pulse Monitor: Recent US healthcare trends in public and private marketsThe Pulse Monitor is a report combining the views of UBS analysts on key developments in healthcare, on both the public and private side.Inside the report, we include an interview with our US large cap pharma analyst, Trung Huynh, our takes from ADA '25, details on acting director of CDER's retirement announcement, and an overview of recent deal activity across public and private companies within healthcare. See below for a detailed overview of what is inside the report:1. Interview with UBS Large Cap Pharma Analyst: We discuss current investor sentiment and potential catalysts, and Trung Huynh details relevant read-throughs for private markets investors. Trung Huynh views investor sentiment over the past 3-6 months as largely cautious (driven by MFN/tariffs), but he thinks this caution has waned in recent weeks due to deal making (BMY-BNTX, SAN-BPMC), LLY-VERV) and positive data (e.g. INSM TPIP). In '25, he views obesity as a major investment theme for large pharma.2. Next-gen GLP1s and T2D opp'y in focus at ADA '25: We think that GLP-1s continued to be top of mind at ADA, but we think there was expanded focus on next-gen assets, including orals and amylin-targeting compounds. We also observed a meaningful presence of Chinese biopharma companies vs '24, which we think could intensify competition for market share and potential financing in the incretin space. For devices, we think there was broadly more intense focus on the Type 2 diabetes (T2D) market opportunity vs last year where focus was largely on potential impacts from GLP-1s.3. Acting CDER head announces early departure: After multiple high profile staffing changes at the FDA in recent months, Jacqueline Corrigan-Curay, acting director of CDER, announced her plans to retire in July. Corrigan-Curay had been serving as acting director of CDER since January when Patrizia Cavazzoni stepped down.4. Licensing deals last week: We include details on licensing deal activity throughout the week, including Sanofi and Formation Bio signed a licensing deal for gusacitinib (oral JAK/SYK inhibitor), Otsuka Pharmaceutical licensed ex-China rights to Harbour Biomed's HBM7020 (BCMAxCD3 bsAb), and LLY announced a definitive agreement to acquire VERV (lead asset is gene therapy to inactivate PCSK9).5. Takeaways from crowding data in healthcare: We include an analysis of recent crowding data among UBS healthcare baskets. We saw the greatest increase in crowding WoW in the pulmonary/inflammatory and renal/nephrology baskets and the greatest declines in the ophthalmology and liver/diabetes/obesity baskets. 6. Top 25 funding rounds in healthcare: The top 25 funding rounds from the last 30 days. We also highlight capital invested by sub-sector (for deals over $1M) in the trailing 30 days, where we note the greatest week over week change in capital invested was in healthcare technolo