Charlie Williams, co-founder of HB Biotechnology, emphasized the importance of scientific expertise in evaluating drug trials and investing in the biotechnology sector. Speaking on the sidelines of the Canaccord Genuity Drug & Device Conference 2026 in Noosa, Williams noted that understanding the medical science behind clinical data is crucial for making informed investment decisions, in addition to financial analysis.

Williams, who holds a PhD in biomedical engineering, attributed his fund’s recent success to a combination of scientific knowledge and a focused portfolio of approximately 20 high-conviction biotech stocks. Over the past financial year, his fund returned 93 percent, benefitting from an 83 percent rise in the S&P Biotechnology Select Industry Index. This surge followed a difficult period for the sector, which in 2022 experienced a roughly 40 percent decline amid inflation concerns and tariff-related uncertainties.

The rebound, Williams explained, came as investors shifted attention away from macroeconomic pressures and refocused on clinical trial results and genuine innovation. Takeover activity played a significant role in boosting returns, with five of HB Biotechnology’s holdings acquired during the year. Major pharmaceutical companies have been actively pursuing acquisitions in response to challenges such as patent expirations and revenue pressures.

Eli Lilly notably purchased two portfolio companies, Ventyx Biosciences and Centessa Therapeutics, as part of a broader $25 billion acquisition strategy driven by successful products targeting obesity, including Moujarad and Zepbound. Industry-wide, takeover transactions are on track to reach a record $350 billion this year. Additionally, capital markets have reopened, with biotech companies raising approximately $155 billion through new listings and follow-on offerings.

At the conference, Williams highlighted promising advancements in pancreatic cancer treatment, a historically challenging area of oncology. US-based Revolution Medicines presented data showing its RAS inhibitor nearly doubled median overall survival from 6.7 months to 13.2 months, garnering notable acclaim. While cautioning that resistance to the treatment still develops and it is not a cure, Williams sees this as fueling further research into combination therapies. Australian company Amplia Therapeutics demonstrated its drug’s potential to complement chemotherapy and possibly RAS inhibitors, an announcement that led to a doubling of its share price.

Alzheimer’s disease was another focal point at the event. Williams described the sector’s efforts as a “graveyard” for investors over the last two decades but acknowledged that the recent approval of the amyloid-targeting drug lecanemab represents a meaningful, albeit modest, advancement. Melbourne-based Cogstate, which provides cognitive testing technology used in such trials, offers investors a way to engage with the Alzheimer’s theme through a lower-risk exposure than direct drug developers.

Despite the strong recent performance of the biotech sector, Williams remains optimistic about its future. He pointed to emerging drug development technologies—such as gene editing and radiological therapies—that were not available earlier in his career. “We are only really just scratching the surface,” he said, underscoring the sector's ongoing potential for innovation and growth.