Matt Gline, Roivant Sciences CEO, on Clinical Breakthroughs, Capital Discipline & Building Biotech

Hello, and welcome to the biotech twenty fifty podcast. Biotech twenty fifty is a think tank chronicling the disruptions changing the biotech sector over the next several decades. I'm Rahul, Chaudhary, cofounder of this podcast and today's host. I'm also the founder and CEO of Chlora, a platform that enables biotechs to build a fractional workforce. Check us out at chlora.com. This episode is proudly sponsored by our friends at Quartzy. Quartzy helps life science organizations streamline their operations by combining inventory, procurement, and ordering into one simple platform. Get a special offer from them at quartzy.com/biotech20fifty. Again, that's quartzy.com/biotech20fifty. I'm very excited to welcome Matt Gline back on the podcast. He's the CEO of Roy Vance Sciences. Matt joined us last in March 2023 if folks would like to check out that episode as background. Wonderful to have you back on today, Matt. Thanks for joining us. Thanks for having me. It's fun to be back. Great. Matt, you know, a lot has changed over the last two years, both in the life sciences environment overall, but more specifically, let's say, for Roivant. I'd love if you could talk to us about the evolution of Roivant during that time frame, and then we can get to where you are from a development perspective right now as well. You know, I was reflecting a little bit on that question just because I had been on the podcast before. At first, it's just like, oh, well, these here's two roughly arbitrary moments in time, right? Some random moments of 2023 and then some random moment of 2025. Next year, this sort of bookends on an era for Reuvent at some level. And so it was fun to think about. At the time that we last spoke, we had licensed this molecule from Pfizer. It was an ATTL1 antibody for inflammatory bowel disease. And relatively shortly, about six months after we spoke, we sold that molecule to Roche for about $7,000,000,000 of which about 5 came to Roivent. And that was obviously a transformational moment for us because while it was great drug and in some ways it was sad to see it go, it ensured really its perpetual existence. Right? It's an amount of money where if you can't build a profitable business with that much money, you probably can't build one at all. It changed our profile. It changed the extent of our reliance on capital, and it really focused us on the things we thought we were good at. Now, it also created at the time, a hole for us, which is that we're in development with a bunch of other things, but they had a bunch of work to do when that program fell out. And what the last two years have really been about is the execution of a series of, in a way that I'm quite proud of, thoughtfully designed clinical programs across a few different targets, few different compounds that have now begun to produce, …