ACELYRIN, a late-stage biotech developing in-licensed therapies for inflammatory diseases, raised $540 million by offering 30 million shares at $18, the high end of the range of $16 to $18. The company offered 3.5 million more shares than anticipated. It originally planned to offer 20.6 million shares at a range of $16 to $18, before revising the terms on Wednesday.
At $540 million, ACELYRIN's IPO is 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 plans to list on the Nasdaq under the symbol SLRN. Morgan Stanley, Jefferies, TD Cowen, and Piper Sandler acted as joint bookrunners on the deal.
