- HS-20118 (AVR-001) is a differentiated oral peptide interleukin-23 (IL-23) receptor antagonist, with phase 1b psoriasis data supporting its potential to be rapidly developed as a convenient, once-weekly oral therapy.
- Hansoh Pharma granted Avere exclusive global rights (excluding the Chinese Mainland, Hong Kong, Macau and Taiwan) to develop, manufacture and commercialize HS-20118, and Hansoh Pharma is eligible to receive upfront payments totaling US$120 million and up to US$2.18 billion milestone payments, as well as royalties on potential future product sales.
- Avere (an investee company of Hansoh Pharma) has entered into a merger agreement with NextCure (a company listed on Nasdaq).
SHANGHAI, July 14, 2026—Hansoh Pharmaceutical Group Co., Ltd. (Hansoh Pharma, 03692.HK) announced that it has entered into an exclusive license agreement and strategic investment with Avere Therapeutics, Inc. (Avere), an investee company of Hansoh Pharma focused on advancing oral therapies for IL-23 driven inflammatory diseases.
Pursuant to the license agreement, Hansoh Pharma has granted Avere the exclusive license to develop, manufacture and commercialize HS-20118 (AVR-001), a cyclic peptide interleukin-23 receptor antagonist, globally (excluding the Chinese Mainland, Hong Kong, Macau and Taiwan). Hansoh Pharma is eligible to receive upfront payments totaling US$120 million and up to US$2.18 billion in milestone payments associated with development and sales, as well as mid-single to low-double digit royalties on future sales.
Hansoh Pharma has participated in a private placement conducted by Avere in which other investors also participated. Hansoh Pharma made a minority investment through the subscription of convertible notes. The convertible notes are convertible into equity securities upon events including, among others, the closing of the merger.
On July 14, 2026, Avere and NextCure, Inc. (Nasdaq: NXTC) entered into a definitive merger agreement for an all-stock transaction. The agreement brings together Avere’s differentiated oral IL-23 program with NextCure’s public market infrastructure to accelerate development of AVR-001. Upon completion of the transaction, which is expected to occur in the second half of 2026, the combined entity is expected to operate as Avere Therapeutics, Inc., and trade under the ticker symbol “AVRX.” Hansoh Pharma is expected to hold more than 30% but less than 40% of the total issued share capital of the combined entity (on a fully diluted basis).
HS-20118 is engineered for enhanced pharmacokinetic properties, including a half-life of approximately 100 hours, enabling once-weekly oral dosing. Phase 1b clinical data in patients with moderate-to-severe plaque psoriasis demonstrate once-weekly dosing of HS-20118 achieved Week 4 and Week 8 PASI and PASI 75 responses comparable to the first-generation once-daily oral inhibitor, despite only 4 weeks of dosing, suggesting durable pharmacodynamic activity. HS-20118 was well-tolerated, supporting continued development.
“We are pleased to see our novel pipeline products, represented by HS-20118, attract and assemble a top-calibre management team and investors,” commented by Eliza Sun, Executive Director of the Board, Hansoh Pharma, “The formation of Avere Therapeutics with Hansoh’s participation as a strategic shareholder underscores our vision of and firm commitment to advancing differentiated innovative therapies to patients worldwide.”
“The combination of the strong clinical data from Hansoh’s phase 1b psoriasis study, the capital raised through this financing from a world-class investor syndicate and immediate access to the public markets positions us to be highly competitive in the emerging oral IL-23 market,” said Andrew Cheng, MD, PhD, Chief Executive Officer of Avere Therapeutics. “We have a clear line of sight to potentially value-generating clinical data and the resources to execute our plans. We are focused on rapidly delivering a once-weekly oral IL-23 therapy that combines best-in-class convenience with efficacy competitive with other emerging oral IL-23 therapies.”
About Avere Therapeutics
Avere Therapeutics is a biotechnology company developing oral therapies for the treatment of IL-23-driven inflammatory diseases. Avere’s lead asset, AVR-001, is an oral IL-23 receptor antagonist with the potential to deliver competitive efficacy with emerging oral IL-23 therapies in a convenient, once-weekly dose. Avere is initially advancing AVR-001 in psoriasis, with potential to expand into multiple indications, including ulcerative colitis, Crohn’s disease, and psoriatic arthritis, where the IL-23 pathway is validated and the need for more convenient and effective therapies remains high.
About Hansoh Pharma
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