Chunumunu
Biotech company Acelyrin (OTC:SLRN), which is working on treatments for autoimmune disorders, has filed for a $100M initial public offering.
The Calif.-based drug developer didn’t disclose terms in the filing, but indicated in its filing fee schedule that it was seeking to raise $100M, a figure that is likely a placeholder and subject to change.
Acelyrin hopes to list its shares on Nasdaq under the symbol SLRN. Bookrunners include Morgan Stanley, TD Cowen, Piper Sandler and Jefferies.
The company’s lead drug candidate, izokibep, is in Phase 3 testing for hidradenitis suppurativa, uveitis and psoriatic arthritis. A second candidate, lonigutamab, is in Phase 1 testing for thyroid eye disease.
Acelyrin, which doesn’t have any products on the market yet, is currently operating in the red. The company reported a net loss of $65M for 2022, according to its filing.
Two of this year’s biggest IPOs so far were held by biotech companies. Mineralys (MLYS) raised $192M through an upsized IPO in February, while Structural Therapeutics (GPCR) raised $161M in January.