Pharma BD Deal Intelligence
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Full analysis, sources & comparables →Avere goes public via NextCure reverse merger, secures Hansoh IL-23 drug with $2.3B deal and ~$320M financing.
S&C advises Hansoh Pharma on exclusive license agreement and strategic investment with Avere Therapeutics.
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Avere Therapeutics obtained a global, ex-Greater China exclusive license to AVR-001 (Hansoh code HS-20118), an oral cyclic-peptide IL-23 receptor antagonist for moderate-to-severe plaque psoriasis, from Hansoh Pharma in a deal announced July 14, 2026. Hansoh receives $120 million upfront and is eligible for up to $2.18 billion in development and sales milestones (~$2.3 billion in total potential value) plus mid-single- to low-double-digit royalties, and takes a strategic equity stake in the combined company. Concurrently, Avere agreed to merge with Nasdaq-listed NextCure (NXTC) in a reverse merger, taking Avere public and advancing the once-weekly oral IL-23 therapy, supported by roughly $320 million in associated financing. Hansoh retains rights in mainland China, Hong Kong, Macau and Taiwan.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Avere Therapeutics / Hansoh Pharmaceutical Group Co. Ltd. (this deal) | 2026 | $2.3B | — |
| Servier Pharmaceuticals LLC / Day One Biopharmaceuticals Inc. | 2026 | $2.5B | 75 |
| Servier / Edgewise Therapeutics, Inc. | 2026 | $2.6B | 75 |
| AstraZeneca PLC / Dizal Pharmaceutical Co., Ltd | 2026 | $1.5B | 73 |
| Travere Therapeutics, Inc. / Everest Medicines Limited | 2026 | $1.1B | 72 |
| AbbVie Inc. / Apogee Therapeutics, Inc. | 2026 | $10.9B | 72 |
| Pfizer Inc. / Innovent Biologics, Inc. | 2026 | $10.5B | 71 |
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