Dupixent Rival to Go Public on Nasdaq Next Year Through Reverse Merger

North Immunology will list on Nasdaq next year through a reverse merger, backed by a drug candidate designed to compete with Dupixent.

North Immunology plans to go public next year through a reverse merger with Athlon Medical, according to BioPharma Dive on the 17th (local time). Following the merger, North Immunology investors will own 95.25% of the newly formed company, with the remainder going to Athlon shareholders.

Shareholders who hold Athlon stock immediately before the merger will also receive contingent value rights (CVRs), which could provide proceeds from the existing hemopurifier business. The newly formed company will operate under the name North Immunology and trade on Nasdaq under the ticker “NRTX.”

North Immunology’s management team will lead the merged company, and its board will consist of North Immunology directors and newly appointed independent directors. The transaction is expected to close in the first quarter of 2027.

Founded by ADAR1 Capital Management, North Immunology has joined a wave of biotech companies using reverse mergers as a faster route to the public markets. Once viewed as a workaround for companies with limited prospects, reverse mergers are now attracting promising startups and sophisticated health care investors.

Bain Capital, Janus Henderson and Deep Track Capital were among the participants in the $180 million private placement announced the same day. Athlon said the funds would allow the merged company to operate through the second half of 2028.

North Immunology expects its lead drug candidate, NOR-101, to overcome the limitations of Dupixent and existing atopic dermatitis treatments. Atopic dermatitis is the most common form of eczema.

According to presentation materials posted on the company’s website, existing treatments are effective only in some patients or raise safety concerns, as with AbbVie’s Rinvoq. Like Dupixent, NOR-101 targets IL-13, a protein that drives inflammation, while also targeting IL-18.

Mohit Gupta, North Immunology’s co-founder and chief scientific officer (CSO), said that targeting two inflammatory pathways simultaneously “could provide the best-in-class disease treatment profile.”

However, NOR-101 is still in the early stages, with a phase 1a clinical trial scheduled to begin in the first quarter of next year. Competition is also intense. AbbVie, Kymera Therapeutics, Infinimmune and Talaris Therapeutics are among the companies competing to improve on Dupixent. Dupixent generated $17.8 billion in revenue for Sanofi and Regeneron last year.