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SOUTH SAN FRANCISCO & LOS ANGELES - Alumis Inc. (NASDAQ: ALMS) and ACELYRIN, INC. (NASDAQ: SLRN), two clinical-stage biopharmaceutical companies, have announced a definitive agreement to merge, as per a joint statement filed with the U.S. Securities and Exchange Commission. The transaction, which is recommended unanimously by both boards, is set to be completed in the second quarter of 2025, subject to stockholder approval and customary closing conditions.
The proposed merger aims to create a leading late-stage clinical biopharma company focused on developing transformative therapies for immune-mediated diseases. The combined entity is expected to benefit from a differentiated pipeline of therapies, including Alumis’s ESK-001 for plaque psoriasis and systemic lupus erythematosus, and ACELYRIN’s lonigutamab for thyroid eye disease. The merger is anticipated to provide the combined company with a pro forma cash balance of approximately $737 million as of December 31, 2024, extending its financial runway into 2027. According to InvestingPro data, Alumis maintains a healthy current ratio of 6.01, with liquid assets well exceeding short-term obligations, though the company is currently burning through cash rapidly.
Stockholders of record as of April 1, 2025, will vote at virtual special meetings scheduled for Tuesday, May 13, 2025. Upon completion, Alumis stockholders will own approximately 55% of the combined company, with ACELYRIN stockholders owning approximately 45% on a fully diluted basis.
The merger is expected to harness the expertise of a world-class leadership team with a successful track record in developing innovative therapies. The combined resources and talent, including the team behind ACELYRIN’s lonigutamab program, are anticipated to maximize the value of the joint pipeline.
This strategic move follows the unanimous approval from the disinterested directors of both companies. Alumis and ACELYRIN stockholders are advised to read the definitive joint proxy statement/prospectus for further details regarding the proposed merger. The information in this article is based on a press release statement. Analysts maintain a strong buy consensus on Alumis, with price targets ranging from $15 to $29 per share. InvestingPro subscribers can access 8 additional key insights about Alumis’s financial health and market position, along with detailed analyst forecasts and valuation metrics.
In other recent news, Alumis Inc. reported a significant collaboration with Kaken Pharmaceutical Co. for the development and commercialization of ESK-001 in Japan. This partnership could bring Alumis up to $180 million in combined upfront, milestone, and royalty payments. H.C. Wainwright has maintained a Buy rating for Alumis, although it adjusted the 12-month price target to $15 from $19 following a larger-than-expected net loss in the fourth quarter of 2024. Alumis reported a net loss of $1.73 per share, exceeding analysts’ predictions of a $1.39 per share loss, with increased R&D and G&A expenses contributing to the variance. Baird reiterated an Outperform rating with a $17 target, citing promising data from a Phase 1 study of Alumis’s drug A-005. Cantor Fitzgerald also maintained an Overweight rating, expressing optimism about the drug ESK-001’s market potential and a pending merger with SLRN. The merger is anticipated to provide Alumis with capital to advance its pipeline. These developments highlight Alumis’s strategic efforts to strengthen its financial position and advance its therapeutic offerings.
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