A NASH biotech plans $75M of­fer­ing, Ar­row­head nabs Am­gen pay­ment and As­tria rais­es $115M

Terns Phar­ma­ceu­ti­cals saw its stock $TERN climb 30% on Mon­day on the back of Madri­gal Phar­ma­ceu­ti­cals’ Phase III win in NASH — which it­self like­ly en­tered the record books for a sin­gle-day stock $MDGL gain of 268% — and the biotech is seek­ing $75 mil­lion to bankroll its own work as it at­tempts to re­peat its com­peti­tor’s suc­cess.

The Fos­ter City, CA biotech is of­fer­ing up shares of its com­mon stock to ad­vance its pipeline, with the first men­tion go­ing to TERN-501, a Phase IIa pro­gram in NASH that will read out topline da­ta in the sec­ond half of next year. Terns set up the reg­is­tra­tion state­ment back in March to be ready for this mo­ment.

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