ACELYRIN, a late-stage biotech developing in-licensed therapies for inflammatory diseases, raised the proposed deal size for its upcoming IPO on Wednesday.
The Agoura Hills, CA-based company now plans to raise $451 million by offering 26.5 million shares at a price range of $16 to $18. The company had previously filed to offer 20.6 million shares at the same range. At the midpoint, ACELYRIN will raise 29% more in proceeds than previously anticipated.
At the revised $451 million deal size, ACELYRIN's IPO would now be the largest from a biotech in over two years.
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 still expected to price during the week of May 1, 2023.
