SAN FRANCISCO, July 14, 2026
NextCure and privately held Avere Therapeutics have entered into a definitive all-stock merger agreement to create a publicly traded biotechnology company focused on advancing AVR-001, a once-weekly oral interleukin-23 (IL-23) receptor antagonist for inflammatory diseases. The transaction is accompanied by a $320 million private financing, providing sufficient capital to support clinical development through a Phase 2b psoriasis readout, initiation of a Phase 3 psoriasis study, and launch of a Phase 2b ulcerative colitis trial. Upon closing in the second half of 2026, the combined company will operate as Avere Therapeutics and trade on Nasdaq under the ticker symbol AVRX.
AVR-001 Positioned as a Differentiated Once-Weekly Oral IL-23 Therapy
Avere’s lead candidate, AVR-001, is an oral cyclic peptide IL-23 receptor antagonist engineered with an approximately 100-hour half-life, enabling convenient once-weekly dosing. Phase 1b clinical data in patients with moderate-to-severe plaque psoriasis demonstrated encouraging efficacy with PASI and PASI 75 responses comparable on a cross-trial basis to first-generation once-daily oral IL-23 inhibitors after only four weeks of treatment. The investigational therapy was generally well tolerated, supporting continued clinical development. A U.S. IND is active, with a global Phase 2b psoriasis trial expected to begin in early 2027 while a separate Phase 2b study in China is underway through partner Hansoh Pharmaceutical.
$320 Million Financing Supports Broad Clinical Development Strategy
The merger is backed by a $320 million private investment led by Fairmount and Hansoh Pharmaceutical, with participation from multiple leading healthcare investors. The financing is expected to fully fund operations through several key value-creating milestones, including Phase 2b and Phase 3 psoriasis development and expansion into ulcerative colitis. Earlier this year, Avere also signed an exclusive ex-Greater China licensing agreement with Hansoh, including $120 million in upfront payments and potential milestone payments exceeding $2.18 billion plus royalties, further strengthening the commercial outlook for AVR-001.
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Merger Creates Well-Funded Inflammation-Focused Biotechnology Company
Following completion of the transaction, Avere’s experienced leadership team, led by Andrew Cheng, MD, PhD, will manage the combined company. Existing NextCure shareholders are expected to own approximately 1.21% of the merged entity, while Avere shareholders and financing participants will own approximately 98.79%. The transaction also provides NextCure shareholders with contingent value rights tied to future monetization of the company’s oncology pipeline. The companies believe the merger combines public market access, substantial financial resources, and promising clinical data to accelerate development of a differentiated once-weekly oral IL-23 therapy for psoriasis and other immune-mediated inflammatory diseases.
Source: NextCure,press release
