Alumis and Acelyrin have announced a definitive merger agreement, which will result in an all-stock transaction, creating a late-stage clinical biopharma company.
The merged company will focus on innovating, developing and commercialising new therapies to treat immune-mediated diseases.
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As of 31 December 2024, the two companies reported cash, cash equivalents and marketable securities of almost $289m and $448m respectively.
A pro forma cash position of $737m within the same period is expected to facilitate the progression of the combined company’s pipeline through several key data readouts across several clinical trials.
The funds will cover operating expenses and capital expenditure needs through 2027.
Alumis president, CEO and chairman Martin Babler stated: “Through this combination with Acelyrin, Alumis will have the financial flexibility and runway to advance an expanded late-stage pipeline, now including lonigutamab, and build commercial capabilities.”
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By GlobalDataThe merger aims to capitalise on a differentiated late-stage therapies portfolio, with increased resources to develop life-changing medicines.
Under the merger’s terms, stockholders of Acelyrin will obtain 0.4274 shares of Alumis common stock for every share of Acelyrin common stock they own.
On completion, Alumis stockholders will own 55% of the merged entity, and stockholders of Acelyrin 45% on a fully diluted basis.
The transaction received unanimous support from the directors of both companies’ boards.
The board of the combined entity will expand to nine directors, including two from Acelyrin’s board.
Set to operate under the name of Alumis, the combined entity will have its corporate headquarters in San Francisco, US.
The Alumis executive team will lead the combined entity, which will retain key members of Acelyrin’s team to ensure continuity and optimisation of planning for developing the subcutaneous anti-insulin-like growth factor-1 receptor, lonigutamab.
Subject to stockholder approval from both companies and other customary closing conditions, the transaction will close in the second quarter of 2025.
Morgan Stanley & Co and Cooley are acting as financial advisor and legal counsel to Alumis, while Guggenheim Securities and Fenwick & West are advising Acelyrin.
In March 2024, Alumis secured $259m in a Series C round to advance the development of its clinical-stage pipeline of oral therapies.
