THE DD ON BIOBUCKS
Exec summary:
- ✓Daily biotech deal tape. 5 minutes. Free.
- ✓Regularly updated deal trackers
- ✓Written by an investor, for investors.
WHAT THIS IS
A daily newsletter covering the biotech and biopharma deal tape — M&A, BD&L, IPOs, venture rounds, and FDA catalysts that move markets. Published every weekday. Reads in under five minutes. It exists because after sitting through enough pitch decks, reading enough CIMs, and watching enough deals get announced at prices that require creative justification — it became clear that most biotech coverage is written by people who have never had to defend a position to an LP.
THE THESIS
Most biotech coverage is one of two things: a science paper with a stock ticker bolted on, or a press release wearing a byline. Neither is useful if you're trying to size a position, benchmark a deal, or figure out whether the upfront is defensible. BioBucks is written from the other side of that problem. Each edition covers what happened, what was paid, and what it means for the comp set — because that's the question that actually matters when you're the one doing the analysis. We track deal economics because premiums compound. A BD&L upfront in oncology today is a data point for your M&A model tomorrow.
WHAT WE COVER
M&A — Acquirer, target, deal value, premium-to-unaffected, and whether the strategic rationale survives five seconds of scrutiny from someone who has read the actual filing.
BD&L — Upfronts, milestones, royalties, territory splits. The numbers that tell you who actually needed the deal and who was doing a favour.
IPOs — Pricing, float, valuation, and whether the book was real or an allocation to get the deal done before the window closed again.
VC — The rounds that matter (new modality, serious syndicate, actual data) and not the ones that don't (Series A for a deck and a prayer).
FDA — Approvals, CRLs, and AdCom outcomes. With the competitive read-through that most coverage skips, because most coverage isn't long the comp.
THE RESEARCH HUB
Live trackers and standalone reports. M&A, BD&L, IPO, VC — updated weekly. The kind of reference data that used to require a Bloomberg terminal and a very patient analyst. Now free.
WHO READS IT
VCs tracking deal velocity. BD teams benchmarking economics. Buyside analysts doing sector work. Biotech founders who want to know what acquirers are actually paying before their next board meeting. 2,000+ of them and growing. A disproportionate number of whom, based on the reply emails, are also long Lilly.
WHY IT'S FREE
Because the best way to build something worth paying for is to first build something people actually want. The daily tape will remain free.
ANONYMOUS?
Yes. The analysis should stand on its own. Anyone who has spent time on the buyside knows that the best ideas rarely come with a prominent byline attached.