Paul Volovich, CFA

Jazz Pharmaceuticals’ Chimerix Acquisition Marks Significant Milestone In Precision Neuro-Oncology – ( $JAZZ $CMRX $LTRN ) Jazz Pharmaceuticals’ (NASDAQ: JAZZ) $935 million acquisition of Chimerix (NASDAQ: CMRX) marks a significant milestone in #precision neuro-oncology, highlighting the growing potential of #targetedtherapies for #braincancers and signaling a shift towards biomarker-driven approaches in treating central nervous system tumors. The $935 million acquisition includes dordaviprone, a novel small molecule therapy targeting H3 K27M-mutant diffuse glioma in children and young adults. This rare pediatric brain tumor affects approximately 2,000-2,200 U.S. patients annually, representing 7-10% of brain cancers. Jazz will purchase Chimerix shares at $8.55 each, a 72% premium over the last closing price on March 4, 2025. The deal is expected to close in the second quarter of 2025, with FDA approval for dordaviprone anticipated in August 2025. Jazz has indicated a potential treatment cost of $300,000-$500,000 per patient, positioning dordaviprone as a significant addition to their oncology portfolio. Precision Neuro-Oncology Advances Recent advancements in precision neuro-oncology have led to a paradigm shift in treating central nervous system (CNS) tumors. Researchers are increasingly focusing on...(read more) https://lnkd.in/gixP2GMh #biotech #cancer #AI #mergers #acquisitions #IPO #Oncology #GBM #pediatric #precisionmedicine

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“North America is dependent on imports today, so we’re going to be the first domestically produced radiology-drug company,” Willis told InvestorNews earlier this year, stressing the market’s US$6-billion size. “Our strategy is simple: control the mineral, control the molecule, and deliver safer imaging agents from the earth to the bottle.”

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COMEX silver inventory is rapidly depleting. On Wednesday Jan 7, 2026, 3.25 million ounces were withdrawn from inventory, with 0 ounces received, according to the CME Silver Metal Depository Statistics. This has been the trend since October 2025, after a sharp increase in inventory in Q1 2025 due to tariff concerns. It seems the market is realizing that there is potentially not enough supply of above ground silver (and other metals) to keep up with projected industrial demand in the coming years. Silver is a special case as it is also a monetary metal, and so is additionally benefiting from concerns regarding currency debasement and geopolitical risk.

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Recently BridgeBio Oncology Therapeutics (BBOT) and Helix Acquisition Corp. II (Helix SPAC) announced a business combination agreement and concurrent public investment in public equity (PIPE) to create a publicly listed biotechnology company advancing a pipeline of RAS and PI3Kα-targeting medicines.   The PIPE includes commitments for ~$260 million from a group of premier institutional investors. The PIPE is led by Cormorant Asset Management and includes ADAR1 Capital Management, BC Capital, investment funds affiliated with Deerfield Management Company, Enavate Sciences, Eventide Asset Management, Novo Holdings A/S, Octagon Capital, Omega Funds, Paradigm BioCapital Advisors, StemPoint Capital LP, Surveyor Capital (a Citadel company), Wellington Management, and another leading mutual fund.   Congrats to the entire BBOT and Helix teams!   Morgan Stanley served as placement agent to Helix SPAC in connection with the PIPE transaction.

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"A Theory of Interpretable Transformers for Asset Pricing": "Transformer-based models can be both powerful and economically meaningful... interpretable transformers universally approximate pricing kernels, offering a robust foundation for AI-driven asset pricing." https://lnkd.in/ehckQh_B

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In a profession built on trust, how the industry reports investment performance matters just as much as how it achieves that performance. The 29th Annual GIPS® Standards Conference returns on November 11–12 in Phoenix, Arizona. This conference stands as a cornerstone for our industry, bringing together verifiers, asset owners, and managers to explore best practices and emerging issues in performance reporting. This year’s agenda features expert-led sessions on OCIO transparency, the SEC Marketing Rule, return attribution, and the evolving ethics of investment disclosure. We will also be celebrating the 20th anniversary of the CIPM® Program—two decades of advancing excellence in performance and risk analysis for those who earn the Certificate in Investment Performance Measurement.  If you care about performance, ethics, and the future of the profession, this is where the conversation begins. Explore the agenda and register: https://lnkd.in/eT3iEQ_D #GIPSstandards #InvestmentPerformance #CIPM20  

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In our view, today’s acquisition of Clario Holdings by Thermo Fisher Scientific (NYSE-TMO) at a premium valuation highlights the strategic value of clinical trial software technologies. Specifically, Thermo Fisher announced plans to acquire Clario Holdings for $8.875B at closing and $125M in January 2027 -- as well as up to $400M of earn-out payments. Clario Holdings is a vendor of clinical trial endpoint analytics, electronic clinical outcome assessment (eCOA) software, and wearable data integration solutions. Per Thermo, Clario is projected to generate high-single digit revenue growth with operating margins in the mid/high-teens. To us, this suggests a very attractive acquisition multiple of over 6.6x projected 2026 revenue, well above comparable multiples of other benchmark "tech/SaaS" companies with similar growth outlooks. For instance, Salesforce (NYSE-CRM), Docusign (NASDAQ-DOCU), Okta (NASDAQ-OKTA), and Certara (NASDAQ-CERT) are four profitable tech/SaaS companies generating revenue growth in the high single digits, and these four SaaS/tech companies are currently trading, on average, at ~4.6x consensus 2026 revenue and ~14.0x consensus 2026 EBITDA. In our view, the premium take-out valuation for Clario Holdings reflects the near-term opportunities to accelerate the use of information technology into clinical trial designs. Also, for Thermo, this could create significant strategic value for its PPD business unit. In our recent Bourne Partners Deep-Dive Report on contract research organizations (CROs), we argued that the recent release of the new ICH E6 (R3) guidelines earlier in 2025 gives CROs more flexibility with the execution of clinical trials, particularly with respect to the use of digital technologies, real world data, and decentralized clinical trial designs. Also, we argued that information technology is becoming increasingly relevant as protocols are becoming more complex and as studies become more data intensive. Accordingly, we see tech-enablement becoming a greater source of competitive differentiation between CROs over time. For more discussion, refer to our recent 61-page Bourne Deep-Dive Report on the CRO space here: https://lnkd.in/eVKcAxHi (Please ask for a full unblinded version.) Also, you can directly reach out to our pharma services banking team -- Jeremy Johnson (jjohnson@bourne-partners.com), James West (jwest@bourne-partners.com), Jake Curtis (jcurtis@bourne-partners.com), and Ryan Silvester (rsilvester@bourne-partners.com).

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Many Americans still rely on copper cable or internet that struggles to keep up with today's digital demands. This was one of the driving factors behind KKR's recent investment in Metronet, one of the largest independent fiber broadband providers in the U.S. This investment is helping expand access to high-speed fiber internet in underserved communities, supporting KKR's goal to build essential, future-proof digital infrastructure. 👇 Watch below to see how expanded fiber access can help to power greater connectivity – and visit https://go.kkr.com/4nLnKqk to learn more about our approach.

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🏰 The Moat Has Moved 🎆 Starlink Just Claimed Vertical Independence For decades, #spectrum was the ultimate moat. It is scarce, expensive, and the cornerstone of #MNO power. That model just cracked. 💰With its $17B acquisition of spectrum approved for terrestrial #5G from EchoStar Corporation, Starlink secured the regulatory foundation to become a terrestrial 5G operator. This gives Starlink the right to build terrestrial gateways, light up small cells, and operate as a Hybrid Network Operator #HNO. A direct challenge to the MNO model without the legacy grid. Starlink now owns the stack .... launch, satellites, spectrum, terminals, service... end to end. Verizon, Vodafone, and AT&T now face a global contender with no towers to maintain, no rural gaps to bridge, and no lack of spectrum to hold it back. T-Mobile saw this early by partnering with Starlink for D2D. That move looks increasingly prescient. Full-stack control reshapes the economics and may redefine who holds power in global connectivity in the future. The moat has moved. This is just the beginning. 🌍 Everyone and everything, anywhere, will be connected — seamlessly. – RG #Spectrum #D2D #Starlink #HybridInfrastructure #SpaceX #SatelliteConnectivity #MNO #TelecomStrategy #HNO SpaceX

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Intel Beats Q4 But Weak Guidance Sends Shares Down 5% Intel Corporation crushed Q4 estimates Thursday with revenue and EPS topping expectations, but soft Q1 guidance overshadowed progress on its foundry turnaround and 18A technology, sending shares to the downside. Q4 2025 Results: EPS: $0.15 adjusted (vs. $0.08 expected) — 88% beat Revenue: $13.7B (vs. $13.4B expected) — 2% beat Net Loss: $600M (vs. $100M loss YoY) Q1 2026 Guidance: Revenue: $11.7B-$12.7B (vs. $12.51B expected) — Below estimates Adj EPS: $0.00 (vs. $0.05 expected) — Miss The Foundry Story: Intel Foundry: $4.5B revenue (includes internal chip production) CEO Lip-Bu Tan said Intel's 18A manufacturing technology (competing with TSMC's 2nm) "over-delivered" last year, suggesting it's mature enough for volume production. Tan: "We're working aggressively to increase 18A supply" to meet "strong customer demand." Segment Performance: Data Center & AI: $4.7B (+9% YoY) — benefiting from AI infrastructure spending Client Computing (Laptops): $8.2B (-7% YoY) — weakness continues Image by App Economy Insights #Semiconductors #AI #Earnings

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Biotech financing environment has rapidly worsened. We've been here before. And the range of solutions available to companies remains that same as then. In May of 2022, I wrote this RApport piece "Dulcius ex Aspiris: The way through the downturn". The Latin phrase means "the sweetness through great difficulties". And right now, we're experiencing great difficulties. The sweetness will come for those who figure out how to weather them. I invite you to reread this piece (written in a "Bionic" format that allows most people to read more efficient... cause sometimes the medium is the message :) If you're at the helm of a development-stage cash-burning company, consider how to do more with less, conserve resources for your best programs, explore synergies with others, and even know when to call it quits without burning down the last of your resources. Be candid with yourself and your team. We're being candid, too. And special note for private companies: while it's evident that markets have turned acutely painful for many public biotech companies, the same is true for private ones, even if they don't realize it. Investors will be more inclined to protect their best positions before they seek out new ones or even invest more in their less compelling companies. If you don't already have deep-pocketed investors, it may be hard to know at what price new ones will buy into your stock. Assume it's lower. If you do have deep-pocketed investors, get them to be candid with you about how likely they are to invest in your next anticipated round if market conditions remain as they are (sure, everything is possible if conditions improve). If you're met with silence or dithering as if someone is trying to avoid the question, then you have your answer. As a radically Solomonic thought experiment, consider what might happen if you start your next executive session with "Shall we just dissolve the company and return cash?". If everyone doesn't fight to convince you to stay the course, what will that tell you about your investors? This is not a message of doom. My team and I are inspired by many companies and, as their valuations drop, we are only more inspired by them. We are constantly discussing how to concentrate our dollars in the best companies and stay invested through all kinds of market conditions. We've done this before. This is familiar. What we are urging is that all companies consider how they can be the best companies they can be and preserve their best programs, even if it means parking their others until the cost of capital improves. https://lnkd.in/eY6CqdiZ

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The XBI, now closing near its recent lows at around $84.36, paints only part of the picture regarding the brutal sell-off we’ve seen. After last year’s rebalancing—favoring larger caps—the ETF drifted away from being an accurate gauge of small‑cap biotech. Its top holdings today include Gilead, AbbVie, and Amgen, marking a clear tilt toward bigger, more established names . Had XBI retained its pre‑rebalance structure, it would likely trade around 45 today, versus the current ~90 value—down from its highs near 160. That’s a near 75% decline, underscoring how deeply small‑cap biotech has been crushed. Rather than mourn this carnage, let’s frame it as an opportunity. Interest rates have been the primary drag on biotech valuations over the past couple of years. Yet, macro volatility often signals that rate cuts are on the horizon. Historically, small‑cap biotech outperforms during economic downturns and subsequent easing cycles. Add in the prospect of sweeping deregulation under the current administration, and you’ve got a classic setup: a sector at rock‑bottom prices, poised for a powerful rebound. In my view, this presents a rare, once‑in‑a‑generation buying opportunity.

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What's XAGG? Andrew Szczurowski joined Benjamin Huneke on The Beat with Ben to talk about the origin of the fund’s name and what it means for investors. XAGG is an actively managed ETF designed to go beyond the Bloomberg U.S. Aggregate—into the “plus sectors” of fixed income across developed and emerging markets. Watch below to learn more about XAGG!

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Appian has today announced the sale of its polymetallic royalty in Atlantic Nickel assets and its silver stream interest in Rosh Pinah Zinc for US$170 million. The transaction reflects strong market confidence in the performance of the Appian-managed projects and our ability to unlock their long-term value by extending and optimizing mine production. It marks the 5th and 6th royalties sold by Appian, and the 15th and 16th successful exits delivered for our investors.   Following this sale, Appian still retains a strong portfolio of attractive, long-life royalty assets across a diverse range of commodities. Full announcement on our website. 

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I'm seeing a lot of takes from strategists to the effect that investors in US assets need to take deep breaths, step back from the day-to-day noise of headlines and look at the fundamentals. The subtext is usually clear: Stay invested in that S&P 500 ETF, stop stressing out, everything’s gonna turn out fine in the long run. For the last 15 years, this has mostly been sound advice during periods of stress. But here’s a slightly different look at the fundamentals: Valuations are elevated. Despite everything that’s happened in the first months of the year, US equities are still trading at close to 20x forward earnings. To justify that sort of multiple, you need earnings growth. For that sort of earnings growth, you need capex. For that sort of capex, you need basic institutional integrity, policy clarity and demand visibility. This is why I’m paying fairly close attention to a host of stuff beyond just the tariff drama that economists aren’t traditionally meant to stick their nose in: The Abrego Garcia deportation, the quality of decision making, compliance with court rulings, attempts to overturn Humphrey’s Executor, purges of nonpartisan appointees at government institutions and agencies, relationships with allies, threats to cut off federal funding for dissenting universities, pressure on independent media and the like. Not because they have any immediate bearing on the US economy, but because collectively, they are an indicator of the integrity of the institutions that ultimately underpin more than a few of those 20 x’s. We may not be at the point of liquidation yet, but for those of us who have been parking most of our savings in US equities without a second thought for the last 15 years, I do think it's a moment to be intentional about diversification.

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Many Americans still rely on copper cable or internet that struggles to keep up with today's digital demands. This was one of the driving factors behind KKR's recent investment in Metronet, one of the largest independent fiber broadband providers in the U.S. This investment is helping expand access to high-speed fiber internet in underserved communities, supporting KKR's goal to build essential, future-proof digital infrastructure. 👇 Watch below to see how expanded fiber access can help to power greater connectivity – and visit https://go.kkr.com/4mVxFZ0 to learn more about our approach.

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