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Jack Breaks
Analyst, The Fershman Journal
Jack is a first-year at the University of Chicago planning to major in Business Economics and Biology. He is interested in the economics of human health — specifically how shocks in biology (e.g. GLP-1 drugs) rewrite market structure, consumer demand, food systems, and corporate strategy. For Fershman, he is especially interested in writing about the future of obesity drugs, the incentives in the healthcare system, and how investors value treatments that depend on behavior change versus treatments that work at the molecular level.
Jack Breaks
Analyst, The Fershman Journal
Jack is a first-year at the University of Chicago planning to major in Business Economics and Biology. He is interested in the economics of human health — specifically how shocks in biology (e.g. GLP-1 drugs) rewrite market structure, consumer demand, food systems, and corporate strategy. For Fershman, he is especially interested in writing about the future of obesity drugs, the incentives in the healthcare system, and how investors value treatments that depend on behavior change versus treatments that work at the molecular level.
Jack Breaks
Analyst, The Fershman Journal
Jack is a first-year at the University of Chicago planning to major in Business Economics and Biology. He is interested in the economics of human health — specifically how shocks in biology (e.g. GLP-1 drugs) rewrite market structure, consumer demand, food systems, and corporate strategy. For Fershman, he is especially interested in writing about the future of obesity drugs, the incentives in the healthcare system, and how investors value treatments that depend on behavior change versus treatments that work at the molecular level.

Jack Breaks — Articles

A $2 Billion Bet on Immunology
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Jack Breaks

May 15, 2026

Novartis’ $2B Excellergy bet secures its current immunology portfolio while gambling on the future returns of a still-developing drug.

A $2 Billion Bet on Immunology

May 15, 2026

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Jack Breaks

The Globalisation of Digital Health
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Jack Breaks

Apr 30, 2026

and

Judy Lin


Hims & Hers’ $1.15bn acquisition of Eucalyptus signals a shift from local telehealth startups to global platforms. By controlling the distribution of weight-loss drugs, the company is betting on subscription healthcare at scale.

The Globalisation of Digital Health

Apr 30, 2026

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Jack Breaks

and

Judy Lin


Pfizer’s $5 Billion GLP-1 Bet Looks Like a Catch-Up Trade
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Jack Breaks

Feb 6, 2026

Pfizer’s acquisition of Metsera comes at a steep price: nearly three times the company’s valuation just eight months earlier. After abandoning its own GLP-1 program, Pfizer is paying a large premium to reenter the obesity market late. But the deal raises a question of whether Pfizer already lost?

Pfizer’s $5 Billion GLP-1 Bet Looks Like a Catch-Up Trade

Feb 6, 2026

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Jack Breaks

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