In this special on-the-ground episode of Raising Biotech, Surani takes you inside BIO-Europe 2025 in Vienna — the dealmaking, the caffeine, and the cautious optimism shaping Europe’s biotech landscape right now. Over three packed days, 6,000+ attendees from more than 60 countries gathered to broker partnerships, court investors, and debate what’s next for the industry. Surani attended panels, spoke with companies, investors and experts on the ground, and gives her observations and analysis. This episode includes a special conversation with Patrik Frei, CEO and Founder of Venture Valuation AG — who shares insights on valuations, investor behaviour, and why Europe might quietly be regaining its strategic importance. In this episode: Europe’s changing role in the global biotech pipeline — and what the data actually shows. Why investors say “proof over promise” is the new rule of thumb. How smaller, disciplined rounds are redefining resilience. What’s behind the shift from “build to sell” to “build to endure.” Music featured in this episode: Wolfgang Amadeus Mozart — “Eine kleine Nachtmusik” (I. Allegro) and “Rondo alla Turca” (Turkish March). Both recordings are in the public domain, courtesy of GregorQuendel