US-based small-molecule drug developer Terns Pharmaceutical completed an $80m series B round on Tuesday that included Lilly Asia Ventures, a corporate venturing subsidiary of pharmaceutical firm Eli Lilly.
Healthcare-focused investment firms Vivo Capital and OrbiMed co-led the round, which also featured life sciences investment firm Decheng Capital.
Terns is developing oral small-molecule treatments for cancer and a type of fatty liver disease known as nonalcoholic steatohepatitis (NASH). Its two lead drug candidates, TERN-101 and TERN-201, will target NASH, and TERN-101 is in phase 1 clinical trials in Europe.
The company launched in April 2017 with $30m of funding from Lilly Asia Ventures and signed a deal in April this year to licence three small-molecule drug candidates including TERN-101 and TERN-201 from Eli Lilly.
Weidong Zhong, Terns’ president and CEO, said: “We are excited about the progress we’ve made on our clinical and preclinical programs. Our lead programs TERN-101 and TERN-201 are on track to enter the clinic in the first half of 2019 and additional NASH programs are advancing rapidly towards preclinical development.
“The progress so far has put us one step closer to our goal of discovering effective and safe combination therapies for patients with NASH and liver fibrosis. We are grateful for the confidence and enthusiasm coming from our new and existing investors.”
