Obeticholic Acid Drug

Obeticholic Acid Drug Market Outlook

The global Obeticholic Acid Drug Market is projected to reach approximately USD 2 billion by 2035, growing at a compound annual growth rate (CAGR) of 7.5% from 2025 to 2035. This growth can be attributed to the increasing prevalence of liver-related diseases, particularly nonalcoholic fatty liver disease (NAFLD) and primary biliary cholangitis (PBC). The rise in awareness regarding advanced therapeutic options and the ability of Obeticholic Acid to target and improve bile acid metabolism further enhance market expansion. Additionally, the growing investment in research and development by pharmaceutical companies to explore the therapeutic potential of Obeticholic Acid for various liver disorders is expected to drive the market. Moreover, a surge in the aging population, which is more susceptible to chronic liver diseases, is anticipated to contribute positively to market growth.

Growth Factor of the Market

Several factors contribute to the burgeoning growth of the Obeticholic Acid Drug Market. First and foremost, the increasing incidence of liver diseases such as primary biliary cholangitis and nonalcoholic steatohepatitis has necessitated effective treatment options, which has, in turn, propelled the demand for Obeticholic Acid. Furthermore, ongoing clinical trials and studies showcase promising results regarding the drug's efficacy, leading to broader acceptance and usage in treatment protocols. Another vital aspect is the rising healthcare expenditure globally, allowing for more patients to access advanced treatments like Obeticholic Acid. Additionally, the advancement in medical technology coupled with the growing adoption of personalized medicine strategies has positioned Obeticholic Acid as a leading candidate in the management of liver diseases. Lastly, the active participation of pharmaceutical companies in raising awareness and educating healthcare professionals about the benefits of this drug is further stimulating market growth.

Key Highlights of the Market

• The global Obeticholic Acid Drug Market is expected to reach USD 2 billion by 2035.
• It is projected to grow at a CAGR of 7.5% from 2025 to 2035.
• Rising prevalence of liver diseases is a significant driving force.
• Increasing healthcare expenditure promotes access to advanced treatments.
• The drug's efficacy in clinical trials has led to increased adoption in treatment protocols.

By Product Type

Tablet :

Tablets represent one of the most widely used forms of Obeticholic Acid, making this sub-segment a significant part of the market. Their popularity can be attributed to their ease of administration and the convenience of dosage for patients. Patients find tablets easier to consume compared to other forms, especially for chronic conditions requiring long-term treatment. Furthermore, tablets can be mass-produced, allowing for cost-effective manufacturing, ultimately making them more accessible to healthcare providers and patients alike. The robust distribution networks of pharmacies ensure that the availability of tablets remains steady, contributing to their sustained demand. Additionally, ongoing research and development are enabling the enhancement of tablet formulations, making them more effective and patient-friendly.

Capsule :

Capsules are another important product type within the Obeticholic Acid Drug Market. They provide a unique advantage in terms of taste masking and ease of swallowing, which can significantly improve patient compliance, especially in populations that may have difficulty with traditional tablet forms. Capsules can also be designed for modified release, allowing for a prolonged therapeutic effect, which can be beneficial for chronic liver disease patients. This feature is particularly appealing as it reduces the frequency of dosing, promoting better adherence to treatment regimens. The demand for capsules is expected to increase as healthcare providers and patients continue to recognize their benefits in terms of convenience and efficacy. Moreover, advancements in capsule technology, such as gelatin and vegetarian capsules, endow manufacturers with the flexibility to cater to diverse patient preferences, thus driving market growth.

Injection :

Injectable forms of Obeticholic Acid are gaining traction, primarily used in clinical settings and for patients who may not be able to take oral medications. The injectable route provides a rapid onset of action, which can be critical in managing acute episodes of liver dysfunction. This delivery method is particularly beneficial for patients with severe liver impairment where oral absorption may be compromised. Additionally, the development of long-acting injectable formulations is paving the way for reduced frequency of administration, enhancing patient compliance. The growing trend of outpatient treatment programs that include injectable medications further supports this segment's expansion. As healthcare providers become increasingly familiar with the advantages of injectable options, it is anticipated that this segment will witness significant growth in the coming years.

Suspension :

Suspensions offer a viable alternative for patients who struggle with swallowing pills or capsules. This product type is particularly relevant for pediatric and geriatric populations who may have difficulties with traditional dosage forms. The formulation of Obeticholic Acid in suspension form allows for the medication to be administered in a liquid state, facilitating easier ingestion. Furthermore, suspensions can be tailored to enhance palatability, encouraging adherence in patients who might otherwise refuse medication due to taste issues. The ability to customize dosing in liquid form is another advantage that can cater to individual patient needs effectively. As awareness grows regarding the importance of patient adherence to treatment plans, the suspension segment is expected to gain momentum in the Obeticholic Acid Drug Market.

Liquid :

Liquid formulations of Obeticholic Acid are increasingly being recognized for their advantages in terms of absorption and ease of use. This form is particularly beneficial for patients who require fast and efficient medication delivery, as liquids often allow for quicker absorption compared to solid forms. Moreover, the liquid dosage form is advantageous in the management of liver diseases due to its flexibility in adjusting the dosages based on individual patient needs, especially in cases of fluctuating liver function. The market for liquid forms is poised to grow as healthcare providers seek to improve patient compliance and therapeutic outcomes. As advancements in formulation science continue, the availability of flavored liquid formulations is expected to enhance the acceptance of this product type among patients, further driving its market potential.

By Application

Primary Biliary Cholangitis :

Obeticholic Acid has emerged as a pivotal treatment option for Primary Biliary Cholangitis (PBC), a chronic autoimmune liver disease characterized by progressive destruction of the bile ducts. The efficacy of Obeticholic Acid in managing the symptoms and progression of PBC has been well-documented in various clinical trials, making it an essential therapeutic agent in this application segment. Increased awareness and diagnosis of PBC contribute to the growing demand for Obeticholic Acid, as more patients seek effective treatment options. Furthermore, the sustained research into the drug’s ability to improve liver function tests and alleviate symptoms associated with PBC reinforces its significance in the market. As healthcare providers become more educated about the benefits of Obeticholic Acid in treating PBC, its adoption is expected to rise accordingly.

Nonalcoholic Steatohepatitis :

Nonalcoholic Steatohepatitis (NASH) is an increasingly prevalent liver condition associated with obesity and metabolic syndrome. Obeticholic Acid is gaining attention as a promising candidate for treating NASH due to its mechanism of action, which targets bile acid metabolism and has shown potential in improving histological features of the disease. The growing prevalence of obesity and metabolic disorders globally is a key driver in the rising demand for effective NASH treatments. As clinical studies continue to demonstrate the drug's efficacy, healthcare providers are beginning to incorporate Obeticholic Acid into their treatment protocols for NASH, thereby expanding its market presence. The urgency to address this significant public health issue further fuels investment in research on Obeticholic Acid’s long-term benefits for NASH patients, contributing to market growth.

Primary Sclerosing Cholangitis :

The application of Obeticholic Acid in Primary Sclerosing Cholangitis (PSC) offers a new avenue for therapeutic intervention in this challenging condition characterized by bile duct inflammation and strictures. Current management options for PSC are limited, which makes the introduction of Obeticholic Acid particularly significant. Evidence from clinical trials suggests that Obeticholic Acid may improve liver function and slow the progression of PSC, thus filling a critical gap in treatment options. As awareness of PSC increases among healthcare professionals and patients, the demand for Obeticholic Acid as a potential treatment is expected to grow. The focus on finding effective therapies for PSC is leading to a more engaged patient population, which in turn is driving the market for Obeticholic Acid in this application segment.

Liver Fibrosis :

The role of Obeticholic Acid in the treatment of liver fibrosis is gaining recognition, particularly given the increasing incidence of chronic liver diseases leading to fibrosis. The drug's mechanism of action, which helps in modulating the bile acid signaling pathway, shows promise in preventing the progression of fibrosis. This application segment is crucial as liver fibrosis is often a precursor to more severe liver disease and complications. As treatment guidelines begin to reflect the importance of addressing fibrosis early, Obeticholic Acid’s position as a therapeutic option will likely strengthen. The rising awareness of liver health and the importance of addressing fibrosis before it leads to cirrhosis is expected to significantly bolster market growth for Obeticholic Acid in this application area.

Others :

In addition to the primary applications of Obeticholic Acid, the drug is also being explored for various other liver-related disorders. Ongoing research is focused on understanding its potential use in conditions such as cholestatic liver disorders and metabolic liver diseases. The versatility of Obeticholic Acid in targeting different aspects of liver pathology opens up new avenues for treatment, which may encourage further research and clinical trials. As the medical community continues to explore these additional applications, the market for Obeticholic Acid is expected to expand beyond its currently established uses. Increased investment in research initiatives will likely lead to a broader understanding of the drug’s capabilities and the potential for its use in various liver disorders, thereby enriching the market landscape.

By Distribution Channel

Hospital Pharmacies :

Hospital pharmacies play a crucial role in the distribution of Obeticholic Acid, particularly for patients receiving inpatient care or specialized treatment for chronic liver diseases. These pharmacies are well-positioned to provide personalized medication management and counseling, ensuring that patients receive the appropriate dosage and administration guidelines. Hospital pharmacies often have access to a larger inventory of specialized medications, including Obeticholic Acid, which facilitates timely treatment for patients in acute care settings. The close collaboration between healthcare professionals in hospitals ensures that patients receive continuous monitoring and support, enhancing the therapeutic outcomes associated with Obeticholic Acid. As the prevalence of liver diseases rises, the emphasis on hospital pharmacies as a key distribution channel is likely to strengthen, enabling better access to this critical medication.

Retail Pharmacies :

Retail pharmacies serve as a significant distribution channel for Obeticholic Acid, providing broader access to patients who may require long-term management of liver diseases. These pharmacies offer the convenience of over-the-counter availability, which is essential for patients who may not have the opportunity to obtain medications from hospital settings. Retail pharmacies often employ trained pharmacists who can assist patients in understanding their treatment regimen and addressing any concerns related to Obeticholic Acid. Additionally, the proliferation of retail pharmacy chains enhances the overall distribution network, ensuring that patients can easily access their medications. As the importance of patient-centered care grows, retail pharmacies are becoming increasingly integral to the supply chain for Obeticholic Acid, contributing positively to market growth.

Online Pharmacies :

The rise of online pharmacies has revolutionized the way patients access medications, including Obeticholic Acid. This distribution channel offers unparalleled convenience for patients, allowing them to order their medications from the comfort of their homes. The ability to compare prices and access a wider range of products online contributes to greater affordability and choice for consumers. Additionally, online pharmacies often provide options for automatic refills and discreet delivery, which can be particularly appealing for individuals managing chronic conditions. As telehealth services continue to expand, the role of online pharmacies in delivering essential medications like Obeticholic Acid is expected to grow significantly. The ongoing shift towards digital healthcare solutions is likely to enhance the market presence of Obeticholic Acid through increased accessibility and consumer engagement.

By Ingredient Type

Obeticholic Acid :

Obeticholic Acid, as the sole ingredient type, is the primary therapeutic agent in the market. Its unique mechanism of action, functioning as a farnesoid X receptor agonist, positions it as a crucial treatment option for various liver diseases. The ingredient's efficacy is supported by clinical studies demonstrating its ability to improve liver function tests and alleviate symptoms associated with conditions such as primary biliary cholangitis and nonalcoholic steatohepatitis. The demand for Obeticholic Acid is anticipated to grow as healthcare providers recognize its potential in managing liver-related disorders effectively. Furthermore, continued research into the pharmacological benefits and potential new applications of Obeticholic Acid will drive innovation and bolster its standing in the market. As a result, the ingredient's prominence will remain central to the overall growth and development of the Obeticholic Acid Drug Market.

By Region

The North American region is expected to dominate the Obeticholic Acid Drug Market, primarily driven by a high prevalence of liver diseases, advanced healthcare infrastructure, and significant investment in research and development. The region is projected to account for approximately 45% of the global market share by 2035, with a CAGR of about 8% during the forecast period. The strong presence of leading pharmaceutical companies and favorable regulatory environments in North America further enhance the market's growth potential. Moreover, the increasing awareness and early diagnosis of liver conditions contribute to the rising demand for Obeticholic Acid in this region, establishing it as a critical market for this drug.

Europe is also anticipated to play a significant role in the Obeticholic Acid Drug Market, with a projected market share of around 30% by 2035. The European market benefits from a high incidence of liver diseases alongside robust healthcare systems that encourage innovation and access to advanced treatment options. Ongoing research initiatives and collaborations within Europe are expected to facilitate the introduction of Obeticholic Acid for various liver disorders, strengthening its market presence. The growing patient population seeking effective treatments for liver-related diseases will likely further propel the demand for Obeticholic Acid across European countries, thereby contributing to its expansion in this region.

Opportunities

The Obeticholic Acid Drug Market presents numerous opportunities for growth, particularly in light of the increasing global burden of liver diseases. As the prevalence of conditions such as nonalcoholic steatohepatitis (NASH) continues to rise, there exists a significant demand for effective treatment options. Pharmaceutical companies are recognizing this opportunity and are likely to invest in clinical trials aimed at expanding the indications for Obeticholic Acid beyond its current applications, thereby broadening its market appeal. Additionally, the trend towards personalized medicine is opening doors for targeted therapies in liver diseases, creating a favorable environment for the adoption of Obeticholic Acid as a tailored treatment approach. The integration of digital health tools and telemedicine in clinical practice further empowers patients and healthcare providers to monitor liver health more effectively, thereby enhancing the potential for Obeticholic Acid's utilization in treatment regimens.

Furthermore, there is a growing focus on education and awareness campaigns aimed at healthcare professionals and patients regarding the significance of liver health. This is crucial for early diagnosis and timely intervention, which are essential for managing chronic liver conditions. The increasing inclination towards health and wellness, coupled with rising healthcare expenditures in emerging markets, presents a vast opportunity for market players to penetrate and establish their presence. By actively engaging in awareness initiatives and fostering collaborations with healthcare providers, pharmaceutical companies can position themselves to capitalize on the burgeoning demand for Obeticholic Acid and solidify their foothold in the market.

Threats

Despite the promising outlook for the Obeticholic Acid Drug Market, several threats could impede its growth trajectory. One of the significant challenges is the competitive landscape, characterized by the presence of numerous pharmaceutical companies developing alternative therapies for liver diseases. As research advances, new drugs offering similar or improved efficacy may emerge, potentially overshadowing Obeticholic Acid's market position. This competition may lead to price erosion and reduced market share for existing products, challenging their profitability. Moreover, stringent regulatory requirements and prolonged approval timelines for new formulations may hinder the timely introduction of Obeticholic Acid-based treatments, limiting market expansion.

Additionally, varying reimbursement policies across different regions can pose challenges for market players. Inconsistent healthcare coverage for Obeticholic Acid, especially in emerging markets, could restrict patient access and dampen overall sales. Furthermore, rising scrutiny surrounding pharmaceutical pricing and ethical marketing practices may affect how Obeticholic Acid is promoted and distributed, requiring companies to adopt more transparent and sustainable practices. The potential for adverse effects or long-term safety concerns associated with Obeticholic Acid could also deter healthcare providers from prescribing the drug, further complicating its market acceptance.

Competitor Outlook

• Intercept Pharmaceuticals
• Gilead Sciences
• Novartis
• Bristol-Myers Squibb
• AbbVie
• Amgen
• Pfizer
• Helsinn Healthcare
• Galmed Pharmaceuticals
• Horizon Therapeutics
• Eisai Co. Ltd.
• CymaBay Therapeutics
• Roche
• Merck & Co.
• DalCor Pharmaceuticals

The competitive landscape of the Obeticholic Acid Drug Market is marked by a dynamic mix of established pharmaceutical companies and emerging biotech firms. The key players are heavily investing in research and development to enhance their product offerings, thereby positioning themselves as leaders in the liver disease treatment space. Collaborations and partnerships between pharmaceutical companies, research institutions, and clinical organizations are becoming increasingly common, aiming to accelerate innovation and expand the therapeutic applications of Obeticholic Acid. As these companies strive to differentiate their products in a crowded market, the focus on patient outcomes and safety will be of paramount importance.

Intercept Pharmaceuticals stands out as a market leader known for its commitment to developing therapies for liver diseases, particularly with the successful launch of Obeticholic Acid (brand name Ocaliva). The company's robust pipeline and ongoing clinical trials indicate its dedication to addressing the unmet needs in liver disease management. Gilead Sciences is another formidable competitor, leveraging its extensive portfolio of antiviral and liver disease treatments to complement its offerings. Their strategic focus on innovative solutions and market expansion positions them well to capture a significant share of the market.

In addition, emerging companies such as CymaBay Therapeutics and Galmed Pharmaceuticals are gaining momentum with their unique approaches to liver disease treatment. These firms are actively exploring novel therapeutic candidates, which may provide alternatives to existing options like Obeticholic Acid. Their agility and focus on niche markets allow them to adapt quickly to changing market dynamics, potentially reshaping the landscape of liver disease therapies. As competition intensifies, it will be interesting to observe how established players respond to the challenges posed by these newcomers while navigating the complexities of regulatory compliance and market access in the global landscape.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Amgen
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Roche
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 AbbVie
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Pfizer
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Novartis
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Merck & Co.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Eisai Co. Ltd.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Gilead Sciences
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Helsinn Healthcare
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Bristol-Myers Squibb
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 CymaBay Therapeutics
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Horizon Therapeutics
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 DalCor Pharmaceuticals
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Galmed Pharmaceuticals
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Intercept Pharmaceuticals
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Obeticholic Acid Drug Market, By Application
    • 6.1.1 Primary Biliary Cholangitis
    • 6.1.2 Nonalcoholic Steatohepatitis
    • 6.1.3 Primary Sclerosing Cholangitis
    • 6.1.4 Liver Fibrosis
    • 6.1.5 Others
  • 6.2 Obeticholic Acid Drug Market, By Product Type
    • 6.2.1 Tablet
    • 6.2.2 Capsule
    • 6.2.3 Injection
    • 6.2.4 Suspension
    • 6.2.5 Liquid
  • 6.3 Obeticholic Acid Drug Market, By Ingredient Type
    • 6.3.1 Obeticholic Acid
  • 6.4 Obeticholic Acid Drug Market, By Distribution Channel
    • 6.4.1 Hospital Pharmacies
    • 6.4.2 Retail Pharmacies
    • 6.4.3 Online Pharmacies

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Obeticholic Acid Drug Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Obeticholic Acid Drug market is categorized based on

By Product Type

• Tablet
• Capsule
• Injection
• Suspension
• Liquid

By Application

• Primary Biliary Cholangitis
• Nonalcoholic Steatohepatitis
• Primary Sclerosing Cholangitis
• Liver Fibrosis
• Others

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Ingredient Type

• Obeticholic Acid

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Intercept Pharmaceuticals
• Gilead Sciences
• Novartis
• Bristol-Myers Squibb
• AbbVie
• Amgen
• Pfizer
• Helsinn Healthcare
• Galmed Pharmaceuticals
• Horizon Therapeutics
• Eisai Co. Ltd.
• CymaBay Therapeutics
• Roche
• Merck & Co.
• DalCor Pharmaceuticals