Avere Therapeutics to Go Public via NextCure Merger, Secures $320 Million to Advance Once-Weekly Oral IL-23 Antagonist for Psoriasis
核心洞察
Avere Therapeutics (搜索) is merging with NextCure to gain a Nasdaq listing, accompanied by a $320 million private placement led by Fairmount and Hansoh Pharma (搜索).
The combined company will advance AVR-001, a once-weekly oral IL-23 (搜索) antagonist licensed from Hansoh for moderate-to-severe plaque psoriasis (搜索) and ulcerative colitis (搜索).
AVR-001 has completed a Phase 1b trial in China, with a Phase 2b study underway there and a U.S. Phase 2b trial expected to start in 2027.
Avere Therapeutics (搜索), a privately held immunology drug developer, has taken a fast-track route to the public markets through a reverse merger with NextCure, a transaction that also brings $320 million in new funding via a private placement of shares and convertible notes led by Fairmount and Hansoh Pharma (搜索). The combined company will operate under the Avere name and trade on the Nasdaq under the ticker symbol "AVRX," with the deal expected to close in the second half of 2026.
The merger gives Avere an immediate Nasdaq listing and the capital needed to accelerate development of its lead asset, AVR-001, a once-weekly oral IL-23 (搜索) antagonist licensed from Chinese biotech Hansoh. Under the licensing agreement, Avere secured ex-Greater China rights to AVR-001 in exchange for $120 million in upfront payments, with up to $2.18 billion in additional development and sales milestones, plus potential royalties.
Pipeline and Clinical Development Plans
AVR-001 is being developed for moderate-to-severe plaque psoriasis (搜索), with a follow-up indication in ulcerative colitis (搜索). Hansoh has already completed a Phase 1b trial in China and has initiated a Phase 2b study in Chinese patients, with results expected in 2027. Avere has filed paperwork to begin U.S. testing and expects to start a separate Phase 2b trial in 2027. The current funding is projected to carry the company through completion of Phase 2 testing, initiation of a global Phase 3 trial in psoriasis, and the start of a Phase 2b study in ulcerative colitis.
Competitive Positioning in the IL-23 (搜索) Market
IL-23 (搜索) is a well-established target in immunological and inflammatory diseases, with a range of approved injectable antibody-based therapies including AbbVie's Skyrizi (risankizumab), Johnson & Johnson's Tremfya (guselkumab), and Sun Pharma's Ilumya (tildrakizumab). Johnson & Johnson recently raised the competitive stakes with the launch of Icotyde (搜索), a once-daily oral peptide targeting IL-23. Avere believes AVR-001's once-weekly oral dosing regimen could provide a meaningful convenience advantage over daily oral therapies.
"We are focused on rapidly delivering a once-weekly oral IL-23 (搜索) therapy that combines best-in-class convenience with efficacy competitive with other emerging oral IL-23 therapies," said Avere CEO Andrew Cheng in a statement.
Leadership and NextCure's Trajectory
Avere is led by the executive team that previously helmed Akero Therapeutics through its $4.7 billion acquisition by Novo Nordisk last year. Andrew Cheng, Avere's chief executive, expressed confidence in the path forward: "We have a clear line of sight to potentially value-generating clinical data and the resources to execute our plans."
NextCure, which listed on the Nasdaq in 2019, was originally focused on cancer immunotherapies targeting Siglec-15 and LAIR-F2 and had a drug discovery partnership with Eli Lilly. However, Lilly exited the collaboration in January 2020, and both in-house programs suffered clinical setbacks and were subsequently discontinued. Following a restructuring and layoffs in 2024, NextCure ended the first quarter of this year with cash reserves of less than $30 million, leaving a pair of early-stage antibody-drug conjugates for cancer. After the merger closes, NextCure shareholders will own just over 1% of the combined company, though they remain eligible to receive up to 90% of proceeds from any future out-licensing deals for NextCure's legacy assets through contingent value rights.