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Set to go public via a reverse merger, Avere has licensed from a prolific Chinese drugmaker rights to a potential threat to medicines like Skyrizi and Icotyde.

The cash will support mid-stage trials of a prospect the company claims to have “best-in-disease” potential treating major depressive disorder.

The study provides the clearest evidence yet that medicines like BIIB080 might improve cognition, but leaves unclear why higher doses didn’t perform better.