S4, E4: The Weight of the Moment: How GLP-1s are Rewiring Biotech Investing, Expert Analysis

In this episode, Surani takes a deep dive with experts into biotechs hottest new hype cycle -- GLP-1s. Over the past couple years, biotech investing has felt like it’s entering a new gravitational field, with GLP-1s at the center. Once a niche diabetes therapy, these drugs have evolved into a commercial juggernaut, hailed as everything from a “blockbuster weight loss pill” to a potential “longevity drug.” With Novo Nordisk and Eli Lilly raking in a combined $70 billion from GLP-1s in 2025 alone, the capital markets are responding in kind: mega Series A/B rounds, billion-dollar M&A deals, and a stampede of new startups chasing metabolic targets. But this momentum raises deeper questions, not just about science or market opportunity, but about what gets funded, what gets sidelined, and what kind of biotech future we’re building. In this episode, Surani traces the scientific and regulatory journey of GLP-1s -- From the Gila monster venom to global market domination -- and unpacks what this class of drugs tells us about the current state of biotech investing. She’s joined by three guests offering different vantage points: Jakob Dupont, Executive Partner at Sofinnova, Stephanie Sirota, Chief Business Officer at RTW Investments, and William Ho, CEO of In8bio and former investor and analyst covering GLP-1s. Together, they explore the promise and perils of capital clustering, how investors frame GLP-1s beyond weight loss, and what happens when you’re trying to raise money outside the hype. This is not just a story about one drug class, it’s a story about biotech’s risk tolerance, its blind spots, and the tension between commercial gravity and scientific breadth. Timestamps: 00:00 — Opening: The GLP-1 money trail and biotech’s new center of gravity 03:00 — What are GLP-1s and where did they come from? The Gila monster origin story 04:30 — From Byetta to Ozempic: early setbacks, FDA hurdles, and Novo Nordisk’s breakthrough 12:00 — The new investor wave: GLP-1s as de-risked, commercial mega-hits 16:30 — Beyond weight loss: The expanding promise of GLP-1s in other indications and longevity measures 20:00 — The muscle loss problem and the next wave of combo drugs 23:00 — William Ho on hype cycles and long-term unknowns 27:00 — Raising outside the magnet: the challenges for complex biotech 30:30 — Final reflections: the double-edged success of GLP-1s For any comments, questions or feedback you can connect directly with ⁠⁠Surani Fernando⁠⁠ on LinkedIn or email: [email protected] Title music composed by: Yrii Semchyshyn (Coma Media)