Fairmount, ex-Akero team launch Avere Therapeutics
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- Avere Therapeutics, a publicly traded biotech, launched to develop an oral IL-23 targeted drug for psoriasis, ulcerative colitis, and other immunological conditions.
- The company is led by Andrew Cheng, Kitty Yale, and William White, the former executive team of Akero Therapeutics.
- Fairmount, described as one of the sector's most prolific company creators, is backing the new venture.
- Avere's lead candidate was licensed from a Chinese firm and is described by the source as a long-acting immunology therapy.
- The Akero team's prior drug for MASH was sold to Novo Nordisk for $5 billion.
Why it matters: The team that sold Akero to Novo Nordisk for $5 billion is back with Avere Therapeutics, this time using Fairmount as company creator and a long-acting oral IL-23 candidate licensed from a Chinese firm to chase the psoriasis and ulcerative colitis markets.
