Hanson Pharmaceuticals (03692) shareholding company Avery will merge into NASDAQ listed company NextCure
According to Zhitong Financial App, Hanson Pharmaceuticals (03692) announced that on July 14, 2026, Avere Therapeutics, Inc. (Avere) (a company invested by the company) signed a merger agreement with Nasdaq listed company NextCure, Inc. (NASDAQ: NXTC) (NextCure). According to this, Avere will merge into NextCure. In connection with this, the group (i) has granted Avery an exclusive license for the cyclic peptide interleukin-23 (IL-23) receptor antagonist HS-20118 (AVR-001); and (ii) has participated in a targeted distribution round initiated by Aver that includes participation from other investors.
On June 15, 2026, the group entered into an exclusive license agreement with Aver for this product. Under the license agreement, the Group granted Aver an exclusive license to develop, manufacture and commercialize this product globally (excluding Mainland China, Hong Kong, Macau and Taiwan), subject to its terms and conditions. The Group is entitled to receive a total down payment of US$120 million, milestone payments relating to development and sales of up to US$2.18 billion, and royalty fees based on medium to low double-digit percentages of sales in the licensed region.
The product has been engineered to enhance pharmacokinetic properties, including a half-life of approximately 100 hours, to allow oral administration once a week. Phase Ib clinical data in patients with moderate to severe plaque psoriasis showed that even though the product was administered once a week for only 4 weeks, the PASI score and PASI 75 response rate at weeks 4 and 8 were comparable to first-generation once-daily oral inhibitors, showing long-lasting pharmacodynamic activity. The product is well tolerated and provides strong support for subsequent development.
On June 17, 2026, as part of this targeted offering, the Group made a minority equity investment by subscribing to convertible notes. Such convertible notes can be converted into equity securities in the event of circumstances including consolidated delivery.
On July 14, 2026, Avery and NextCure entered into a merger agreement for an all-share transaction. The merger agreement combines Aver's differentiated oral IL-23 program with NextCure's marketing structure to accelerate the development of this product. The transaction is expected to close in the second half of 2026, and the merged entity is expected to operate under the company name “Avere Therapeutics, Inc.” and trade under the stock symbol “AVRX.”
Immediately after the completion of the above transaction, the Group expects to hold more than 30% but less than 40% of the total issued share capital of the merged entity (on a fully diluted basis). Therefore, the consolidated entity's financial results will be recorded in the equity method and will not be incorporated into the company's consolidated financial statements. The combined entity's board of directors is expected to consist of five directors, including two directors appointed by the group.