Held by 5 specialist biotech funds
High Convergence# Signal Note: Avoro Capital Initiates $175.7M Position in Terns Pharmaceuticals Avoro Capital's $175.7M entry into TERN signals confidence in the company's lead candidate TERN-101, a non-bile acid FXR agonist for NASH, ahead of Phase 2b data expected in 2024—a critical inflection point given the competitive NASH landscape and recent clinical setbacks by competitors.
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**Signal Note: Baker Bros. Initiates Large Position in TERN** Baker Brothers' new 950,000-share stake in Terns Pharmaceuticals is notable given their concentrated, high-conviction approach to biotech investing. Terns' lead asset is TERN-501, a THR-β agonist for nonalcoholic steatohepatitis (NASH/MASH), with pivotal Phase 2b data expected in 2025 — a catalyst-rich window in a therapeutic area where Madrigal's Rezdiffra (resmetirom) has validated the mechanism but left room for competition on dosing, safety profile, and combination approaches. *(Note: The reported position value of ~$38.4B appears to be a data error — at recent share prices near $4-5, 950,000 shares would be worth approximately $4-5M
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