NextCure Merges with Avere Therapeutics in $320M Deal to Advance Oral IL-23 Therapy — NextCure, Inc.

Event summary

NextCure to merge with Avere Therapeutics in an all-stock deal, expected to close in H2 2026.
$320M private investment led by Fairmount and Hansoh Pharmaceutical Group to fund AVR-001 development through Phase 3 trials.
AVR-001, a once-weekly oral IL-23 receptor antagonist, showed promising Phase 1b psoriasis data with durable pharmacodynamic activity.
Combined company will operate as Avere Therapeutics, led by Andrew Cheng, MD, PhD, and trade on Nasdaq under ticker 'AVRX'.
NextCure stockholders to receive a contingent value right (CVR) entitling them to 90% of net proceeds from future monetization of NextCure’s pipeline assets.

The big picture

The merger positions Avere Therapeutics to capitalize on the growing demand for convenient, oral therapies in the IL-23-driven inflammatory disease space. With a strong capital base and experienced leadership team, the combined entity aims to challenge established players by leveraging AVR-001's once-weekly dosing advantage. The deal reflects broader industry trends toward consolidation and the pursuit of differentiated assets in competitive therapeutic areas.

What we're watching

Clinical Development Pace: The pace at which AVR-001 advances through Phase 2b and Phase 3 trials will determine its competitive positioning in the oral IL-23 market.
Market Competition: Whether Avere can differentiate AVR-001 from other emerging oral IL-23 therapies in terms of efficacy and convenience.
Financial Runway: How effectively the $320M investment will be managed to support the combined company's operations through key clinical milestones.