Terns Pharmaceuticals, a Phase 2 biotech developing small molecule therapies for NASH, announced terms for its IPO on Monday.
The Foster City, CA-based company plans to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Terns Pharmaceuticals would command a fully diluted market value of $384 million.
The company's most advanced program is TERN-101, a liver-distributed, non-bile acid FXR agonist. The company initiated a Phase 2a trial of TERN-101 in NASH patients in June 2020 and expect top-line data in the 3Q21. Its second clinical stage program, TERN-201, is a highly selective inhibitor of Vascular Adhesion Protein-1, and the company expects to initiate a Phase 1b trial in NASH patients in the 1H21 with top-line data expected in the 1H22.
Terns Pharmaceuticals was founded in 2016 and plans to list on the Nasdaq under the symbol TERN. J.P. Morgan, Goldman Sachs and Cowen are the joint bookrunners on the deal. It is expected to price during the week of February 1, 2021.
