BioCentury
ARTICLE | Financial News

89Bio, a NASH start-up with Teva ties, debuts with $60M

October 25, 2018 10:52 PM UTC

89Bio Ltd. (San Francisco, Calif.) will use its $60 million series A financing to develop therapeutics for non-alcoholic steatohepatitis and other liver and metabolic diseases. The financing was co-led by OrbiMed Israel, OrbiMed US and Longitude Capital. RA Capital Management and Pontifax also participated.

89Bio was founded by OrbiMed Israel and OrbiMed US with a pair of assets acquired from Teva Pharmaceutical Industries Ltd. (Tel Aviv:TEVA; NYSE:TEVA). 89Bio CEO Rohan Palekar told BioCentury that Teva had decided to halt development of the compounds. Palekar declined to disclose the financial terms for the deal but said that Teva does not have equity in 89Bio...