Terns Pharmaceuticals, a Phase 2 biotech developing small molecule therapies for NASH, raised $128 million by offering 7.5 million shares at $17, the high end of the range of $15 to $17. The company offered 1.3 million more shares than anticipated. At pricing, Terns commands a fully diluted market value of $430 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 plans to list on the Nasdaq under the symbol TERN. J.P. Morgan, Goldman Sachs and Cowen acted as lead managers on the deal.
