Nuformix proposes share-swap acquisition of Biovara to combine two respiratory programs
Key Facts
Nuformix said on November 11, 2026, that it had signed terms with Biovara to acquire its entire issued and to-be-issued share capital through a share swap, in a proposal the company described as a merger of equals. The proposal brings together two respiratory drug programs targeting different needs: NXP002 for idiopathic pulmonary fibrosis and other fibrotic interstitial lung diseases, and LipAprep for lung cancer-related cough. The disclosed information does not include an agreed combined value for the transaction. That means the announcement concerns a proposed arrangement to bring the two programs under an enlarged group, not a completed acquisition. The terms are also mostly non-binding, and there is no guarantee the transaction will be completed.
NXP002 is an inhaled formulation of tranilast being developed by Nuformix for idiopathic pulmonary fibrosis, as well as other fibrotic interstitial lung diseases. The program has orphan drug designation for idiopathic pulmonary fibrosis from the U.S. Food and Drug Administration and the European Medicines Agency, and is also supported by preclinical data the company described as encouraging. LipAprep is a lipid formulation of aprepitant being developed by Biovara for lung cancer-related cough. According to the company, combining the two assets would give the proposed group two separate clinical development and licensing pathways. Nuformix’s chairman said the combination “will give the enlarged group two distinct clinical development and licensing pathways.”
LipAprep has completed a single-dose Phase 1 clinical study, and Biovara is preparing additional studies, including a Phase 2 proof-of-concept study. The completed study included dose escalation and an evaluation of doses up to 750 mg, according to information provided about the program. This places the formulation beyond early clinical testing, while the Phase 2 study remains a future step in its development plan. The program’s background also includes a randomized, double-blind study comparing aprepitant with placebo. In that earlier study, short-term use was associated with an average 30.3% reduction in cough frequency over 24 hours compared with placebo. That result relates to the earlier study, while LipAprep itself remains in development, including the planned proof-of-concept study.
LipAprep’s formulation carries patent protection extending to at least 2045, according to the announcement. This adds an intellectual property element to the program’s profile, alongside completion of its single-dose Phase 1 study and preparations to move toward proof of concept. The two programs, meanwhile, remain at different stages of development: NXP002 is Nuformix’s stated priority, while LipAprep has completed an early study and further studies are being prepared. Nuformix’s chairman said the company would continue to prioritize NXP002’s development and its ongoing partnership discussions. He said the proposal provides two clinical development and licensing pathways while retaining NXP002’s development path and priority within the proposed enlarged group.
The terms include a six-month exclusivity period starting from signing, with April 30, 2027, set as the deadline for completing the transaction. Any progress remains subject to completion of due diligence, agreement on final documents, and the required shareholder and regulatory approvals. The terms do not guarantee completion of the acquisition, and the announcement concerns a proposal that has not yet met those requirements. If the arrangement proceeds, Nuformix intends to cancel its current listing on the Main Market and seek admission of the enlarged group’s shares to trading on AIM. This proposed transfer is also subject to shareholder and other approvals. The April 2027 deadline sets a timeframe for the next steps, while completion depends on the relevant procedures and approvals.