Avere Therapeutics raises $500M in private placement for drug program

Avere Therapeutics, Inc., a privately held biotechnology company, has announced a $500 million private placement from a syndicate of institutional healthcare investors to support the development of AVR-001, a once-weekly oral IL-23 receptor antagonist.

The placement consists of common stock and pre-funded warrants. Participants include Venrock Healthcare Capital Partners, General Atlantic, Blackstone Multi-Asset Investing, RTW Investments, Eventide Asset Management, BB Biotech, Sirenia Capital Management LP, ADAR1 Capital Management, Wellington Management, Janus Henderson Investors, and other institutional investors.

The $500 million raise comes in addition to a previously announced $320 million concurrent private placement. Combined, the two financings are expected to fully fund Avere's operating plan into 2029. Upon closing, Avere is expected to have 449,668,672 as-converted shares outstanding.

Both placements are expected to close immediately prior to the completion of a previously announced all-stock merger between Avere and NextCure, Inc. (Nasdaq: NXTC), which was announced July 14, 2026. The merger is expected to close in the second half of 2026, after which the combined company is expected to operate as Avere Therapeutics, Inc. and trade on Nasdaq under the ticker symbol "AVRX."

Avere is initially advancing AVR-001 in psoriasis, with potential expansion into ulcerative colitis, Crohn's disease, and psoriatic arthritis. Jefferies, TD Cowen, Evercore ISI, UBS Investment Bank, and Wedbush & Co., LLC are acting as placement agents. Gibson, Dunn & Crutcher LLP is serving as legal counsel to Avere, and Cooley LLP is serving as legal counsel to the placement agents.

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