Katogen publishes operator-led analysis of the strategic, commercial, and operational forces shaping the biopharma industry in 2026 and beyond. Every piece is written from the perspective of an executive who has built, scaled, and turned around biopharma companies - not analyzed them from the outside.
The biopharma industry is navigating one of its most complex environments in decades. A USD 200–400 billion patent cliff is forcing large acquirers to move at unprecedented speed. Biopharma M&A spend nearly doubled in 2025 according to IQVIA, with nine acquisitions exceeding USD 10 billion. The FDA approved a record 18 biosimilars in 2025. Novel modalities - cell and gene therapies, ADCs, RNA therapeutics - attracted over USD 50 billion in M&A investment last year alone. In this environment, the gap between strategically prepared companies and those that are not has never been wider. These insights are designed to close that gap.
What You Will Find Here
Operator-led insights from 17 acquisitions and $4B+ raised. Data-driven, actionable analysis for biopharma executives facing real-world pressure. No filler.
Operator Perspective
Analysis written by someone who has actually made the decisions being discussed - not modeled them. 17 acquisitions, USD 4B+ raised, CEO roles at Alvogen and Cybin, and other companies - that experience informs every recommendation.
Factual Grounding
Every claim is supported by data, research, or direct operational experience. No generic frameworks. No vague best practices. Specific, actionable, verifiable.
Practical Application
Every piece answers the question a biopharma CEO or executive team is actually asking - not the question that is easiest to answer. The goal is insight you can act on this week, not analysis you file away.
About the Author
These insights are written by Doug Drysdale, the founder of Katogen - a biopharma executive with over 35 years of hands-on operating experience across the pharmaceutical and biotechnology industries. Key credentials:
Founding CEO of Alvogen, a global generics and specialty pharmaceutical company operating across 35+ markets in Europe, North America, Asia, and the Middle East.
Former CEO of Cybin, a multi-national clinical-stage biopharmaceutical company developing psychedelic-based medicines, listed on the NASDAQ.
17 completed acquisitions across generics, biosimilars, specialty pharma, and novel therapeutics as Head of M&A at Actavis.
USD 4 billion+ raised in growth capital across multiple biopharma builds, turnarounds, and acquisition financing
Active board member and advisor across multiple biopharma and life sciences companies
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12 pieces · updated pipeline
