Continuing its flurry of M&A activity, Allergan has made a bold entry into the non-alcoholic steatohepatitis (NASH) market with the complementary acquisitions of Tobira Therapeutics and Akarna Therapeutics. The key driver of the Tobira deal, which is potentially worth up to US$1.695 B, is the Phase III-ready immunomodulator cenicriviroc. The takeover of Akarna gives Allergan access to AKN-083, a preclinical farnesoid X receptor (FXR) agonist, for a small upfront fee of US$50 M.