Multi-specific programs in TH2 immunology (from Morgan Stanley). Limited success so far, $PFE's IL13xIL4xTSLP and $UCB's IL13xIL17A/F are the most successful cases to date (but no H2H data vs dupi)

I cannot emphasize enough how much US management overstates the Chinese work ethic, 996 etc. I worked in Shanghai and HK for 4 years with the top semiconductor, biotech and tech cos and maybe true to some degree at the Foxconn, factory, fill finish facility - level, but China also has very strict labor protections that exceed even CA. On the flip side, we understate how lazy AF middle management and upper management is in the US.

Beam Therapeutics $BEAM sues Chinese biotech, VC-backed startup, alleging theft of intellectual property statnews.com/2026/09/29/beam… via @ADeAngelis_bio @Jasonmmast

Weihao Xu, CEO of Kali Therapeutics, was previously a key figure in BD at 🇨🇳 Harbour BioMed. Public records show that he joined the company in December 2021, holding senior roles including Chief Strategy Officer, Chief Financial Officer, Chief Business Officer, and President of U.S. Operations. During his tenure, Xu led or participated in several transactions, including Harbour’s out‑licensing deal with AstraZeneca for HBM7022, a collaboration with CSPC Pharmaceutical Group on HBM9161, and a collaboration with Moderna. In 2024, Xu departed Harbour and went on to found Kali Therapeutics. In October 2024, Harbour BioMed and its affiliate filed a lawsuit in Massachusetts, naming Xu as a defendant. The lawsuit centers on trade secret protection, with Harbour alleging improper use of confidential information in connection with Xu’s departure and subsequent company formation. The claims reportedly relate to core technology platforms and partnership‑related information.

After 15 years of investing, we realised that truly exceptional founders have something impossible to fake; deeply unconventional lives. We analysed 15,000 founders using five binary signals to measure this: quirky hobbies, early-life signs of exceptionalism, extreme life pivots, unusual geographies, non-linear careers. These sum to give a 0-5 score per founder. Whether someone started coding at age 10, speaks five languages, climbed Everest or quit a safe job to live in Chile, the signal we wanted was deviation from the mean. Rather than focusing on IQ or EQ, we call this metric the Outlier Quotient, or “OQ”. When forecasting founder success, it turns out that OQ was the single most predictive variable in our entire classification model, trained on ~70 different factors. Our OQ score had zero correlation with having worked at a top-tier company or attending an elite university. The signals most VCs rely on are noise without signal. The best founders don’t signal like everyone else, don’t think like everyone else and certainly don’t build like everyone else.