Avere Therapeutics to go public via reverse merger, secures $320M to advance long-acting psoriasis pill

Avere Therapeutics, a privately held immunology drug developer, announced a plan to become a public company through a reverse merger with NextCure.

The transaction includes $320 million in new capital from a share and convertible note offering led by Fairmount and Hansoh Pharma, providing funds to move its experimental psoriasis oral therapy forward.

The pill, identified as AVR-001, is licensed from Chinese partner Hansoh and is positioned as a potential alternative to AbbVie’s injectable Skyrizi and Johnson & Johnson’s daily oral Icotyde, aiming for less frequent dosing.

The company will be led by the former Akero Therapeutics executive team that previously oversaw Akero’s $4.7 billion acquisition by Novo Nordisk. The financing is intended to complete Phase 2 trials and start a global Phase 3 study for AVR-001.