In Silicon Valley, the promise of a massive payday for a start-up’s early employees and investors has hinged on those companies eventually going public or being sold off. But with the slowdown in initial public offerings and acquisitions, a different marketplace is set to heat up this year. It is called the venture secondary market, and it’s where both investors and early employees can trade their stakes in privately-held companies. The FT’s venture capital correspondent George Hammond explains the potential pitfalls of this opaque marketplace and why investors will be rushing to it in 2024.      - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Investors raise billions to buy discounted stakes in start-ups Carta customers say platform tried to trade their shares without consent Carta shuts trading platform after data privacy breach allegations Staying private: the booming market for shares in the hottest start-ups - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow George Hammond (@GeorgeNHammond) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The runaway success of diabetes and weight-loss drugs Ozempic and Wegovy have turned their maker, Novo Nordisk, into a juggernaut. Last year the Danish drugmaker claimed the title of Europe’s most valuable company. But the development of these drugs was a long, uphill battle.The FT’s global pharmaceutical editor Hannah Kuchler explains how the company’s unique ownership structure played a critical role in the company’s achievements and looks at the challenges ahead.   Clips from CNBC, CBS, Reuters - - - - - - - - - - - - - - - - - - - - - - - - - -  Subscribe and listen to Untold: The Retreat on Apple Podcasts, Spotify or wherever you get your podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: FT Person of the Year: Lars Fruergaard Jørgensen of Novo Nordisk How anti-obesity drugs built the world’s largest charitable foundation Obesity drugs: broadly good for investors, with some strictures Covid-19 vaccine winners suffer reversal of fortune - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Hannah Kuchler (@hannahkuchler) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.