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NextCure and Avere Therapeutics Announce Merger to Advance Once-Weekly Oral IL-23 Therapy

NXTCAKRO
  • NextCure and Avere Therapeutics entered a definitive all-stock merger agreement to combine Avere's oral IL-23 program with NextCure's public infrastructure.
  • The combined entity will operate as Avere Therapeutics, Inc. and trade on Nasdaq under the ticker symbol "AVRX" upon closing in the second half of 2026.
  • A concurrent $320 million private investment was secured from a syndicate led by Fairmount & Hansoh Pharmaceutical Group, including $251 million in convertible notes.
  • The financing provides a financial runway sufficient to fund AVR-001 development through the Phase 2b psoriasis readout, the initiation of a Phase 3 psoriasis trial, & the start of a Phase 2b ulcerative colitis trial.
  • Avere's lead asset, AVR-001, is an oral cyclic peptide IL-23 receptor antagonist engineered for once-weekly dosing with a half-life of approximately 100 hours.
  • Phase 1b data from a global ex-Greater China study conducted by Hansoh showed Week 4 & Week 8 PASI responses comparable to first-generation once-daily inhibitors despite only 4 weeks of dosing.
  • A US IND is open for AVR-001, with a Phase 2b psoriasis study anticipated to begin in early 2027 & read out in the first half of 2028.
  • A separate Phase 2b psoriasis study in China conducted by Hansoh is expected to report results in 2027.
  • Avere holds an exclusive licensing agreement with Hansoh for development outside Greater China in exchange for $120 million in upfront payments & up to $2.18 billion in potential milestones.
  • The pre-merger Avere stockholders are expected to own approximately 98.79% of the combined company, while pre-merger NextCure stockholders will own approximately 1.21%.
  • NextCure stockholders will receive a contingent value right (CVR) entitling them to 90% of net proceeds from future monetization of NextCure's pipeline assets over two years.
  • The combined company will be led by Andrew Cheng, MD, PhD, as CEO, President, & Chairman, alongside Kitty Yale (CDO), William White (CFO), & Brett Pletcher (General Counsel).
  • Avere's existing board will become the combined company's board, chaired by Dr. Cheng, with additional directors from Fairmount, Hansoh, & Venrock.
  • The transaction requires approval from stockholders of both companies & the effectiveness of an SEC registration statement before closing.