In its third venture funding round, Terns adds backing from Deerfield in addition to Lilly’s investment. It licensed three non-alcoholic steatohepatitis candidates from the big pharma in 2018.

Plus deals involving SELLAS/3D Medicines, Kyowa Kirin/InveniAI, JW/Voronoi, Y-mAbs/Takeda, Horizon Discovery/Sanyou, Sentinel Oncology/PharmaEngine

Considerable value has been assigned to the companies developing coronavirus vaccines. Multiple suppliers and a met clinical need may erode much of that value after the pandemic.

A first-in-class capsid inhibitor for HIV, lenacapavir has produced strong efficacy data for viral load reduction in treatment-experienced patients. The data measure up well against Viiv’s Rukobia, analyst says.