In this episode, we go inside the creation of Xaira Therapeutics — the biotech startup that raised over a billion dollars at launch without a product or clinical data. Speaking with Vik Bajaj, CEO and co-founder of Foresite Labs (and one of the people behind Xaira’s creation), Surani explores how Xaira’s approach could redefine biotech company building, why it’s different from typical AI hype, and what makes it such a bold bet. We follow Vik’s journey from academia to Google to Grail, and then into biotech investing with Foresite Labs, uncovering how a unique incubator model led to Xaira’s launch. From the big idea to the billion-dollar financing, we unpack what’s really happening behind the headlines. Timestamps: 00:00 – Introduction: Why Xaira’s billion-dollar launch matters 01:00 – Vik Bajaj’s journey from academia to Google and Grail 04:00 – Moving from big tech to biotech: lessons and perspective 06:00 – Founding Foresite Labs and its unique model for biotech incubation 08:00 – Why data generation is key in biotech AI 09:00 – Foresite’s approach: building data, tools, and teams from scratch 11:00 – The origins of Xaira: ideation, science, and assembling the team 13:00 – Bringing in David Baker’s advanced protein design technology 16:00 – Early team building and leveraging Grail and Illumina networks 17:00 – Xaira’s $1B+ fundraising: why it happened and what it means 20:00 – Why Xaira needed so much capital up front 21:30 – What separates Xaira from other AI drug discovery companies 22:30 – The ambition to build a foundation model of the cell (GPT for biology) 23:00 – De novo design: creating antibodies from scratch 24:30 – Building products and platforms in parallel — not sequentially 26:00 – Where Xaira is today and Foresite’s ongoing role 27:00 – Vik’s vision for success: timelines and goals for Xaira 28:00 – Reflections: Can Xaira’s model really change how biotech is built? 29:00 – Outro: What to watch next, and how to support the podcast For any comments, questions, feedback or suggestions you can connect directly with ⁠⁠Surani Fernando⁠⁠ on LinkedIn or email: raisingbiotech@gmail.com Title music composed by: Yrii Semchyshyn (Coma Media)