Tvardi maps out path to Phase II data after Cara merger

14 May 2025

Fibrosis drug developer Tvardi Therapeutics (Nasdaq: TVRD) has hit the ground running after completing its merger with troubled US biotech Cara Therapeutics, inheriting a Nasdaq listing and a bolstered cash position.

The union typifies a broader trend in biotech, as companies in survival mode look to merge, pivot or reboot.

The combined company now trades under the ticker “TVRD,” with Cara shareholders owning 17% of the new entity. Tvardi’s headquarters remain in Houston, Texas, and the company has kept its name and leadership, including chief executive Imran Alibhai.

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