ACELYRIN, a late-stage biotech developing acquired therapies for inflammatory diseases, announced terms for its IPO on Monday.
The Agoura Hills, CA-based company plans to raise $350 million by offering 20.6 million shares at a price range of $16 to $18. At the midpoint of the proposed range, ACELYRIN would command a fully diluted market value of $1.5 billion.
At $350 million, ACELYRIN's IPO would be the largest from a biotech since June 2021.
ACELYRIN's initial focus is on the treatment of diseases with pathology related to excess activation of the immune system, acquiring its portfolio of candidates with the intent to develop and commercialize novel therapies that it believes may provide the opportunity to offer clinically meaningful, differentiated benefits for patients.
Lead candidate izokibep is a small protein therapeutic designed to inhibit IL-17A, which the company licensed from Affibody in late 2021. Izokibep is currently in Phase 2b/3 trials for hidradenitis suppurativa (HS), psoriatic arthritis (PsA), and uveitis, and expects topline data for its HS trial in the 2H23, with topline data for PsA and uveitis in mid-2024. ACELYRIN's secondary candidates, lonigutamab and SLRN-517, were obtained from its acquisition of ValenzaBio, which closed in January.
ACELYRIN was founded in 2020 and plans to list on the Nasdaq under the symbol SLRN. Morgan Stanley, Jefferies, TD Cowen, and Piper Sandler are the joint bookrunners on the deal. It is expected to price during the week of May 1, 2023.
