The biotech was worth $4.74 last night, but jumped by more than 600% premarket to $33 a share.Intercept Pharmaceuticals ($ICPT) is one of the leaders in hoping to be the first to market in NASH, while Gilead Sciences ($GILD) splashed into the space with a $470 million deal for a Phase II NASH treatment and more recently struck the potentially $1.2 billion deal with Nimbus and its early-stage NASH drug--with hepatitis C experts at Enanta Pharmaceuticals ($ENTA) and Genfit also entering the field.The South San Francisco, CA-based company said it would push on, however, by shifting a secondary endpoint that it did meet in Phase IIb into the new primary endpoint for Phase III--with a trial start slated for next year. Allergan said AKN-083 is highly complementary to the investigational NASH therapies added in the Tobira deal.Allergan PLC on Tuesday said it agreed to acquire Tobira Therapeutics Inc., a biopharmaceutical company that develops therapies for liver diseases, in a deal worth as much as $1.7 billion, or 19 times Tobira's previous market value.Jefferies analysts said the high premium that Allergan is paying for Tobira suggested there were multiple bidders for the company, and it points to the industry's interest in companies developing NASH treatments. Allergan, through the first six months, had revenue of $7.08 billion but lost $246 million amid acquisition-related charges, asset sales, write-downs and other items.In the Akarna purchase, Allergan gains Akarna's investigational treatment for NASH, called AKN-083, which targets a certain hormone receptor in the liver and is in early stage studies. This approach has led to Allergan building one of thebroadest development pipelines in the pharmaceutical industry with70+ mid-to-late stage pipeline programs in development.For more information, visit Allergan's website atwww.Allergan.com.Logo -http://photos.prnewswire.com/prnh/20150612/222796LOGOThe acquisition adds Cenicriviroc (CVC) and Evogliptin, twodifferentiated, complementary development programs for thetreatment of the multi-factorial elements of NASH, includinginflammation, metabolic syndromes and fibrosis, to Allergan'sglobal Gastroenterology R&D pipeline.To view the original version on PR Newswire,visit:http://www.prnewswire.com/news-releases/allergan-successfully-completes-tobira-therapeutics-acquisition-300354631.htmlWith commercial operations in approximately 100 countries,Allergan is committed to working with physicians, healthcareproviders and patients to deliver innovative and meaningfultreatments that help people around the world live healthier livesevery day. Allergan PLC on Tuesday said it agreed to acquire Tobira Therapeutics Inc., a biopharmaceutical company that develops therapies for liver diseases, in a deal worth as much as $1.7 billion, or 19 times Tobira’s previous market value.. Tobira focuses on products that treat nonalcoholic steatohepatitis, or NASH, a common liver disease associated with obesity and type-2 diabetes. Tobira Therapeutics (NASDAQ:TBRA.DL) is up more than 700% today after Allergan (NYSE:AGN) announced that the big biotech was purchasing its smaller brethren.\"Minute\" brethren might be a better description. NASH is a liver-scarring disease that affects millions of people and is growing alongside the high rates of obesity and diabetes, but has no approved therapies, with its commercial prospects spurring a frenzy of activity in R&D around the industry.Back in July, Tobira Therapeutics fell by about half in premarket trading on news that its Phase IIb trial to treat nonalcoholic steatohepatitis (NASH) using its cenicriviroc (CVC) candidate failed to meet the primary endpoint.The COVID-19 pandemic has placed new value on telemedicine and direct-to-consumer healthcare, and Eargo aims to take advantage of the demand.This lowered its market cap to below $100 million but at the end of play yesterday, this had dropped by nearly half, to just $52 million.Back in April, Tobira signed a licensing deal with Korea’s Dong-A ST to help turn its recently approved DPP-4 diabetes drug into a new fatty liver combo treatment in a deal worth around $80 million.Despite the recent trial setbacks, Allergan and Tobira are both confident of moving forward with late-stage testing for CVC in NASH, adding Allergan to a growing list of pharmas and biotechs looking to get in on a disease that could yield $4 billion in peak annuals for the more successful meds.“We are delighted that cenicriviroc will be rapidly advancing into Phase III studies under the stewardship of Allergan, an industry leader with world class capabilities in advancing novel treatment options to patients across the globe, and I look forward to the future success of this partnership," said Dennis Podlesak, chairman of Tobira.Sangamo picks up $75 million upfront but could collect another $720 million in milestones over the three-year partnership with Novartis.Dong-A ST and Tobira inked two licensing deals that saw Tobira acquire exclusive rights to develop and market the diabetes treatment evogliptin in combination with CVC, while also seeing the company develop the drug as a single agent in North America, Europe and Australia in all of its indications.On the back of a number of deals in recent months, mainly in dermatology and after dodging its own $100 billion-plus consumption by Pfizer ($PFE) this year, Allergan ($AGN) has snapped up tiny Tobira ($TBRA) and its struggling fatty liver disease candidate, along with the rest of its pipeline, for potentially $1.7 billion.Evogliptin is currently approved in Korea (but not in the U.S.), where it is known as Suganon.

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