“MASH will be pharma’s hottest bidding war, with multiple $5 billion-plus deals and at least one blockbuster acquisition that scoops up an entire liver-disease platform. With a wave of late-stage clinical readouts approaching, large pharma players that still lack a meaningful position in MASH are likely to act aggressively if key datasets further derisk these assets. Companies with differentiated mechanisms and advanced clinical programs, including leaders like Madrigal Pharmaceuticals and Altimmune, could become attractive acquisition targets as MASH consolidates into a platform-level race.”
Jessica Owens, co-founder, Initiate Ventures