| Key Points: – Alumis and ACELYRIN have agreed to an all-stock merger, creating a well-capitalized biopharmaceutical company focused on advancing immunology treatments. – The combined company will have approximately $737 million in cash and securities, supporting multiple clinical trial readouts and operations into 2027. – Alumis will retain its name and leadership team, with an expanded board including two ACELYRIN members, and the merger is expected to close in Q2 2025. |
Alumis Inc. (NASDAQ: ALMS) and ACELYRIN (NASDAQ: SLRN) have announced a definitive merger agreement, combining the two clinical-stage biopharmaceutical companies in an all-stock transaction aimed at advancing immunology treatments and optimizing clinical outcomes.
Strategic Rationale and Financial Position
The merger will create a strongly capitalized company with a combined cash, cash equivalents, and marketable securities position of approximately $737 million as of year-end 2024. This financial strength is expected to support the advancement of the companies’ combined pipeline through multiple key clinical data readouts and fund operating expenses and capital expenditures into 2027.
The combined company will leverage its track record in research and development and a proprietary data and analytics platform to drive innovation in immune-mediated diseases.
Martin Babler, President, CEO, and Chairman of Alumis, 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. Since completing our IPO, Alumis has operated with speed and rigor, and the multiple development milestones expected in 2025 and 2026, coupled with potential additional indications for ESK-001, represent exciting breakthroughs for our patients and value-driving opportunities for the combined company’s stockholders. As we move forward together, we will maintain financial discipline and a flexible capital allocation strategy with the goal of maximizing the value of our highly differentiated portfolio.”
Pipeline Highlights
- Alumis’ ESK-001: A next-generation, allosteric TYK2 inhibitor, currently in Phase 3 ONWARD trials for moderate-to-severe plaque psoriasis (PsO) and Phase 2b LUMUS trials for systemic lupus erythematosus (SLE). Key Phase 2 52-week updates expected in 2025, with Phase 3 topline data in H1 2026.
- Alumis’ A-005: A CNS-penetrant allosteric TYK2 inhibitor, targeting neuroinflammatory and neurodegenerative diseases like multiple sclerosis (MS) and Parkinson’s Disease. A Phase 2 trial is set to begin in H2 2025.
- ACELYRIN’s Lonigutamab: A subcutaneous anti-IGF-1R therapy with best-in-class potential for thyroid eye disease (TED), currently under Phase 2 evaluation.
Transaction Terms & Leadership Structure
- Exchange Ratio: ACELYRIN stockholders will receive 0.4274 shares of Alumis common stock for each ACELYRIN share owned.
- Ownership Breakdown: 55% Alumis stockholders, 45% ACELYRIN stockholders post-transaction.
- Leadership: The combined company will operate under the Alumis name and be led by Alumis’ executive team, strengthened by key ACELYRIN professionals and medical experts.
- Board Expansion: The board will grow to nine members, including two from ACELYRIN.
- Closing Timeline: The transaction is expected to close in Q2 2025, subject to regulatory and shareholder approvals.
This merger brings together two companies dedicated to transforming immunology treatments, strengthening their pipeline, and delivering long-term value to patients and investors alike.