After two of the toughest years in biotech history, are we finally seeing a turnaround? EY's Arda Ural discusses the long-awaited recovery in biotech IPOs, the evolving capital markets landscape and how tariffs and Trump RX are reshaping biopharma supply chains. In this wide-ranging conversation, Ural unpacks the three key factors driving IPO recovery — Fed rate cuts, improving valuations, and reduced macro uncertainty — while sharing hard data on what's actually working in 2024. He explains why platforms without products are struggling to raise venture capital, how the bid-ask spread in M&A deals reflects ongoing valuation disagreements and why China's emergence as a competitor in novel drug development represents a fundamental shift for the industry. Whether you're navigating early-stage financing, preparing for an IPO, or planning strategic transactions, this episode delivers actionable insights on capital markets, policy impacts and the fundamentals that will determine who succeeds in the next phase of biotech innovation.

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