Press Release: 2/13/2026
CEO Innovation Policy Update 02.12.26
FEB 12, 2026
MassBio CEO & President Kendalle Burlin O’Connell originally posted this update to LinkedIn:
If there’s a theme running through this week, it’s that the life sciences ecosystem is ready to move forward but needs Washington to provide the stability to do so. Companies are signaling confidence, investors are showing up, and yet so much still hinges on whether the regulatory and policy environment can keep pace. Here’s this week’s update.
Return of Biotech IPOs: Early-stage biotech may be getting a long-awaited “public markets thaw.” After several quiet years for IPOs, four drugmakers (Agomab Therapeutics, Eikon Therapeutics, Spyglass Pharma, and Veradermics) went public in the same week, raising close to ~$1 billion combined. The surge might be an important signal that investors may be reopening the IPO window after a period when many biotechs avoided going public altogether. We’ll be monitoring how these offerings trade over time, and whether it could translate into more confidence for additional biotechs to go public. If so, it could result in clearer exit pathways for many companies in Massachusetts and across the country.
Continued Concerns over FDA Stability: Public market sentiment may be ticking up, but biotech leaders are still flashing a big red warning light on regulatory stability. In Endpoints’ Q1 2026 Biopharma Sentiment Index, comments were dominated by concern about policy whiplash, FDA operational turbulence, and broader anti-science signals. Notably, 69% said the regulatory environment has deteriorated versus a year ago (only 7% said it improved), with many pointing to reviewer attrition, shifting expectations, and an “impossible to plan around” environment that keeps capital cautious even as deals begin to thaw. The takeaway is clear: predictable, science-based regulation and durable public research support are needed for sustainable investment and a functioning pipeline of new cures.
E&C Health Subcommittee Hearing: At Wednesday’s House Energy & Commerce Health Subcommittee hearing on the prescription drug supply chain, a consistent through-line was that lowering costs requires transparency and predictability across the system. From an innovation perspective, several exchanges underscored how FDA stability is a real concern: members raised concerns about a brain drain and leadership churn at FDA and the risk that shifting standards and reduced capacity could slow reviews and chill investment, and an emphasis on the need for a “gold standard” agency that’s reliable and well-staffed. On pricing, Democrats pressed witnesses on the lack of visibility into the Trump administration’s “most-favored-nation” agreements and TrumpRx details, arguing Congress can’t conduct oversight without the terms.
TrumpRx Launched: TrumpRx launched last week (Feb. 5, 2026) as a new direct-to-consumer hub that routes cash-paying and uninsured patients to “most-favored-nation” style discount prices offered under agreements the Administration struck with large manufacturers including AstraZeneca, Eli Lilly, EMD Serono, Novo Nordisk, and Pfizer. The early scrutiny centers on how much this helps insured patients and how the initiative functions as a parallel discount channel rather than a system-wide reform. While about 40 brand-name medications are available on the site now, President Trump said more would be added soon.
Questions over ARPA-H Investor Catalyst Hub: The future of ARPA-H’s Investor Catalyst Hub in Cambridge is uncertain following a stop-work order and notice of intent to terminate the hub’s agreement with VentureWell. ARPA-H has pushed back against reports of a full closure, stating it is evaluating vendors rather than closing the site. The hub has played a significant role in Massachusetts’s innovation ecosystem, directing nearly $300 million in research funds to state organizations. In response, the Massachusetts congressional delegation is seeking clarification and warning that disruptions could delay projects designed to accelerate the development of breakthrough therapies and cures. We will be looking for further guidance from ARPA-H on the hub’s status and tracking the implications for federally supported research in the area. To read MassBio’s statement, click here.