Former Teva Executives Raise $60 Million for Metabolic Disorders Venture
The company’s pipeline of biologic and small molecule drug candidates was acquired from Teva
For daily updates, subscribe to our newsletter by clicking here.Based in central Israeli city Herzliya and in San Francisco, clinical-stage 89Bio develops treatments for liver and metabolic disorders. The company’s pipeline of biologic and small molecule drug candidates was acquired from Teva Pharmaceutical Industries Ltd. Formerly a program manager at Teva, Michal Ayalon is 89Bio’s head of research and development. The company’s chief operating and business officer, Ram Waisbourd, also hails from the Israeli-American pharma company.
A downturn in the prices of generic drugs in the U.S., and a series of acquisitions and business missteps have plunged Teva into a heavy-debt over the past two years, sinking its stock price. In December 2017 the company announced a cost-cutting reorganization, after appointing a new CEO.89Bio has recently launched a phase 1 clinical trial to test BIO89-100, formerly Teva’s TEV-47948, as a candidate for treating nonalcoholic steatohepatitis (NASH), a type of nonalcoholic fatty liver disease.