Episode 197 - September 25, 2026

Pfizer's leaked MFN deal shares foreign price-hike revenue with the U.S. government, a template hosts expect to spread to mid-cap biopharma.

• IPO market resilient: 22 biotech IPOs have priced in 2026 with average raise sizes the highest ever (beating even 2021), even as XBI wobbles on long-short degrossing and rising rates.
• Pfizer MFN deal detail: FOIA-disclosed agreement includes a revenue-share clause where Pfizer gives the U.S. government part of any gains from raising prices abroad; hosts call it constructive but worry cash-strapped European governments will ration access instead of paying more.

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