TERN-501 monotherapy looks serviceable in a mid-stage NASH trial, but others are ahead. Perhaps partnership is the way forward.

The US biotech is hoping to either partner off its wholly owned pipeline or become a target for an acquisition or merger after AstraZeneca’s asthma exit left it with dwindling cash, and a need to cut costs.

Almost 80% of novel agent submissions from the biggest companies were approved in recent years, compared with a 60% approval rate for the rest of the industry, according to a recent analysis of FDA approval decisions since 2021.

While Intercept is calling it quits in NASH with its FXR agonist obeticholic acid following a second complete response letter, other companies are staying the course with Phase II molecules in the class.