NextCure and Avere Therapeutics announce all-stock merger to advance oral IL-23 therapy

Corporate ActionProduct / Tech Impact 4
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Summary · why it matters

NextCure and privately-held Avere Therapeutics have entered into a definitive all-stock merger agreement to advance Avere's oral IL-23 receptor antagonist, AVR-001. The combined company will operate as Avere Therapeutics and trade on Nasdaq under the ticker AVRX upon closing, expected in the second half of 2026. A concurrent 320 million dollar private placement led by Fairmount and Hansoh Pharmaceutical Group, with participation from Venrock Healthcare Capital Partners, General Atlantic, Wellington Management, and RTW Investments, includes 251 million dollars in convertible notes to be exchanged for common stock at closing. The capital is expected to fund operations through a Phase 2b readout in psoriasis, initiation of a Phase 3 trial in psoriasis, and a Phase 2b trial in ulcerative colitis. The leadership team, including CEO Andrew Cheng, previously guided Akero Therapeutics from pre-IPO through its 5.2 billion dollar sale to Novo Nordisk in 2025. NextCure's stock surged over 280 percent in pre-market trading following the announcement.

Impact on stocks 3

Biotech & Genomic Medicine▲ · 3 stocks
NextCure  Inc
NXTC
▲ PositiveCapitalrelevance

NextCure is the acquiring company in an all-stock merger with Avere, and its stock surged over 280% in pre-market trading on the deal and concurrent $320M private placement.

Theme Impact 1

Off-coverage companies 5

Avere Therapeutics, Inc.Private▲ Positive
Capitalrelevance

Avere is the private company being acquired in the merger, gaining access to public markets and significant funding to advance its oral IL-23 therapy through Phase 2b/3 trials.

Fairmount Funds Management LLCPrivate± Mixed
relevance

RTW InvestmentsPrivate± Mixed
relevance

Venrock Healthcare Capital PartnersPrivate± Mixed
relevance

Wellington Management CompanyPrivate± Mixed
relevance

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