Dr. Stephen Squinto — co-founder of Alexion, early Regeneron scientist, and now biotech investor at J.P. Morgan — reflects on a 40-year journey in biotech. He shares what it was like to build Alexion from scratch, lessons from clinical failures, how to spot undervalued technologies, and what most founders get wrong.

We talk about the evolution of biotech from the 1980s to the AI era, the realities of drug development, and what makes a great founding team. Honest, practical, and rare insight from someone who’s done it all — from the lab bench to global scale.