Mike Dustar describes Novo Nordisk's Scandinavian culture as inherently inclusive, a positive trait long before D&I became a corporate focus. However, this consensus-driven approach can slow down decision-making by requiring consolidation of numerous opinions, a potential liability in a fast-moving industry.

To get a 'view into the innovation,' Servier began sponsoring programs at Cambridge's Lab Central in 2017, long before establishing its own R&D site in the US. This demonstrates a long-term corporate strategy of embedding in key ecosystems early to build relationships and monitor emerging science.

While the CEO of Transgene aspires to launch their product independently in Europe, he acknowledges the immense cost of a Phase 3 trial. A partnership with a large pharmaceutical company is viewed as the most realistic "best case scenario" to accelerate development and de-risk the final, most expensive stage.

The traditional rush of biotech news and financings timed for the J.P. Morgan Healthcare Conference is diminishing. Companies and investors are now front-running the event, announcing deals and offerings earlier in the year to get ahead of the news curve and avoid investor exhaustion.

Recent billion-dollar successes in the French biotech ecosystem, such as Abivax and Medincel, are largely credited to their management teams. These leaders often have significant experience working in the US and other countries. This global perspective enables them to develop assets for a worldwide market, navigate different regulatory environments, and attract international funding, breaking the mold of previously localized French biotechs.

The imbalance between rising drug development costs and financially strained public health systems is unsustainable. Novo Nordisk's CEO believes this will inevitably lead to a global trend of increased patient cost-sharing through cash channels and high co-pays, moving beyond traditional insurance models.

The Jefferies Healthcare Conference in London has evolved from a regional meeting into a crucial "JPM pregame." Biotech and pharma CEOs now use the November event to lay the groundwork for major deals that are ultimately announced at the J.P. Morgan Healthcare Conference in January, making it a key fixture on the global dealmaking calendar.

Novo Nordisk's pursuit of obesity drug developer Metcera wasn't a bidding war. CEO Mike Dustar explained they made one disciplined $10B offer from the start and held it through 16 bids, letting Pfizer ultimately pay more because it wasn't worth more to them.

The transition from a resource-rich environment like Novartis to an early-stage biotech reveals a stark contrast. The unlimited access to a global organization is replaced by a total reliance on a small, nimble team where everyone must be multi-skilled and hands-on, a change even experienced executives find jarring.