ACELYRIN Determines Unsolicited Indication of Interest From Concentra Biosciences Not Reasonably Expected to Result in a Superior Proposal to Planned Alumis Merger
ACELYRIN (SLRN) has rejected an unsolicited indication of interest from Concentra Biosciences, controlled by Tang Capital Partners, in favor of proceeding with its planned merger with Alumis Inc. (ALMS). The company's Board of Directors, after consulting with independent financial and legal advisors, determined that Concentra's proposal would not result in a superior outcome compared to the existing all-stock transaction with Alumis.
The merger with Alumis is expected to close in Q2 2025, subject to stockholder approval from both companies and other customary closing conditions. ACELYRIN's Board maintains that the Alumis merger maximizes long-term value for stockholders and continues to recommend their support. Guggenheim Securities serves as financial advisor, while Fenwick & West and Paul Hastings provide legal counsel.
ACELYRIN (SLRN) ha rifiutato un'indicazione di interesse non richiesta da Concentra Biosciences, controllata da Tang Capital Partners, a favore di procedere con la fusione pianificata con Alumis Inc. (ALMS). Il Consiglio di Amministrazione dell'azienda, dopo aver consultato consulenti finanziari e legali indipendenti, ha determinato che la proposta di Concentra non avrebbe portato a un risultato superiore rispetto alla transazione esistente interamente azionaria con Alumis.
Si prevede che la fusione con Alumis si concluda nel Q2 2025, soggetta all'approvazione degli azionisti di entrambe le aziende e ad altre condizioni di chiusura abituali. Il Consiglio di ACELYRIN sostiene che la fusione con Alumis massimizza il valore a lungo termine per gli azionisti e continua a raccomandarne il supporto. Guggenheim Securities funge da consulente finanziario, mentre Fenwick & West e Paul Hastings forniscono consulenza legale.
ACELYRIN (SLRN) ha rechazado una indicación no solicitada de interés por parte de Concentra Biosciences, controlada por Tang Capital Partners, a favor de continuar con su fusión planificada con Alumis Inc. (ALMS). La Junta Directiva de la compañía, después de consultar con asesores financieros y legales independientes, determinó que la propuesta de Concentra no resultaría en un resultado superior en comparación con la transacción existente totalmente en acciones con Alumis.
Se espera que la fusión con Alumis se cierre en el Q2 de 2025, sujeta a la aprobación de los accionistas de ambas compañías y a otras condiciones de cierre habituales. La Junta de ACELYRIN sostiene que la fusión con Alumis maximiza el valor a largo plazo para los accionistas y continúa recomendando su apoyo. Guggenheim Securities actúa como asesor financiero, mientras que Fenwick & West y Paul Hastings brindan asesoría legal.
ACELYRIN (SLRN)은 Tang Capital Partners가 통제하는 Concentra Biosciences의 비공식적인 관심 제안을 거부하고 Alumis Inc. (ALMS)와의 계획된 합병을 진행하기로 결정했습니다. 회사의 이사회는 독립적인 재무 및 법률 자문과 상담한 후, Concentra의 제안이 Alumis와의 기존 전액 주식 거래에 비해 우수한 결과를 가져오지 않을 것이라고 판단했습니다.
Alumis와의 합병은 2025년 2분기에 마감될 것으로 예상되며, 양사의 주주 승인 및 기타 관례적인 마감 조건에 따릅니다. ACELYRIN의 이사회는 Alumis와의 합병이 주주에게 장기적인 가치를 극대화한다고 주장하며, 그들의 지원을 계속해서 권장합니다. Guggenheim Securities는 재무 자문 역할을 하고, Fenwick & West와 Paul Hastings는 법률 자문을 제공합니다.
ACELYRIN (SLRN) a rejeté une indication d'intérêt non sollicitée de Concentra Biosciences, contrôlée par Tang Capital Partners, en faveur de la poursuite de sa fusion prévue avec Alumis Inc. (ALMS). Le conseil d'administration de la société, après avoir consulté des conseillers financiers et juridiques indépendants, a déterminé que la proposition de Concentra ne donnerait pas un résultat supérieur par rapport à la transaction existante entièrement en actions avec Alumis.
La fusion avec Alumis devrait se clôturer au T2 2025, sous réserve de l'approbation des actionnaires des deux sociétés et d'autres conditions de clôture habituelles. Le conseil d'administration d'ACELYRIN maintient que la fusion avec Alumis maximise la valeur à long terme pour les actionnaires et continue de recommander leur soutien. Guggenheim Securities agit en tant que conseiller financier, tandis que Fenwick & West et Paul Hastings fournissent des conseils juridiques.
ACELYRIN (SLRN) hat ein unverlangtes Interesse von Concentra Biosciences, das von Tang Capital Partners kontrolliert wird, abgelehnt und plant stattdessen die Fusion mit Alumis Inc. (ALMS) voranzutreiben. Der Vorstand des Unternehmens hat nach Rücksprache mit unabhängigen finanziellen und rechtlichen Beratern entschieden, dass das Angebot von Concentra nicht zu einem überlegenen Ergebnis im Vergleich zu der bestehenden rein aktienbasierten Transaktion mit Alumis führen würde.
Die Fusion mit Alumis wird voraussichtlich im Q2 2025 abgeschlossen, vorbehaltlich der Genehmigung durch die Aktionäre beider Unternehmen und anderer üblicher Abschlussbedingungen. Der Vorstand von ACELYRIN ist der Ansicht, dass die Fusion mit Alumis den langfristigen Wert für die Aktionäre maximiert und empfiehlt weiterhin deren Unterstützung. Guggenheim Securities fungiert als Finanzberater, während Fenwick & West und Paul Hastings rechtliche Beratung bieten.
- Board confirms Alumis merger maximizes long-term shareholder value
- Clear timeline for merger completion (Q2 2025)
- Rejection of alternative merger proposal limits strategic options
- All-stock transaction structure exposes shareholders to market volatility
All-Stock Transaction with Alumis Maximizes Long-Term Value for ACELYRIN Stockholders
LOS ANGELES, March 04, 2025 (GLOBE NEWSWIRE) -- ACELYRIN, INC. (Nasdaq: SLRN), a late-stage clinical biopharma company focused on accelerating the development and delivery of transformative medicines in immunology, today announced that, after due consideration in consultation with its independent financial and legal advisors, its Board of Directors determined that the unsolicited indication of interest from Concentra Biosciences, LLC, of which Tang Capital Partners, LP is the controlling shareholder, is not reasonably expected to result in a superior proposal to the planned merger with Alumis Inc. (Nasdaq: ALMS).
The ACELYRIN Board of Directors is confident that the all-stock transaction with Alumis maximizes long-term value for ACELYRIN stockholders and continues to recommend that stockholders support the planned merger.
The transaction is expected to close in the second quarter of 2025, subject to approval by the stockholders of both companies and satisfaction of other customary closing conditions.
ACELYRIN stockholders do not need to take any action at this time.
Guggenheim Securities, LLC is serving as financial advisor to ACELYRIN and Fenwick & West LLP and Paul Hastings LLP are serving as its legal counsel.
About ACELYRIN
ACELYRIN, INC. (Nasdaq: SLRN) is focused on providing patients life-changing new treatment options by identifying, acquiring, and accelerating the development and commercialization of transformative medicines. ACELYRIN’s lead program, lonigutamab, is a subcutaneously delivered monoclonal antibody targeting IGF-1R being investigated for the treatment of thyroid eye disease.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of federal securities laws, including the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon current plans, estimates and expectations of management of ACELYRIN, Inc. (“ACELYRIN”) in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as “anticipate,” “expect,” “project,” “intend,” “believe,” “may,” “will,” “should,” “plan,” “could,” “continue,” “target,” “contemplate,” “estimate,” “forecast,” “guidance,” “predict,” “possible,” “potential,” “pursue,” “likely,” and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements. All statements, other than statements of historical facts, including express or implied statements regarding the proposed transaction (the “proposed transaction”) with Alumis Inc. (“Alumis”); the expected timing of the closing of the proposed transaction; the ability of ACELYRIN and Alumis to complete the proposed transaction considering the various closing conditions; and any assumptions underlying any of the foregoing, are forward-looking statements.
Risks and uncertainties include, among other things, (i) the risk that the proposed transaction may not be completed in a timely basis or at all, which may adversely affect Alumis’ and ACELYRIN’s businesses and the price of their respective securities; (ii) the potential failure to receive, on a timely basis or otherwise, the required approvals of the proposed transaction, including stockholder approvals by both Alumis’ stockholders and ACELYRIN’s stockholders, and the potential failure to satisfy the other conditions to the consummation of the transaction; (iii) the effect of the announcement, pendency or completion of the proposed transaction on each of Alumis’ or ACELYRIN’s ability to attract, motivate, retain and hire key personnel and maintain relationships with partners, suppliers and others with whom Alumis or ACELYRIN does business, or on Alumis’ or ACELYRIN’s operating results and business generally; (iv) that the proposed transaction may divert management’s attention from each of Alumis’ and ACELYRIN’s ongoing business operations; (v) the risk of any legal proceedings related to the proposed transaction or otherwise, or the impact of the proposed transaction thereupon, including resulting expense or delay; (vi) that Alumis or ACELYRIN may be adversely affected by other economic, business and/or competitive factors; (vii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances which would require Alumis or ACELYRIN to pay a termination fee; (viii) the risk that restrictions during the pendency of the proposed transaction may impact Alumis’ or ACELYRIN’s ability to pursue certain business opportunities or strategic transactions; (ix) the risk that the anticipated benefits and synergies of the proposed transaction may not be fully realized or may take longer to realize than expected; (x) the impact of legislative, regulatory, economic, competitive and technological changes; (xi) risks relating to the value of Alumis securities to be issued in the proposed transaction; (xii) the risk that integration of the proposed transaction post-closing may not occur as anticipated or the combined company may not be able to achieve the growth prospects expected from the transaction; (xiii) the effect of the announcement, pendency or completion of the proposed transaction on the market price of the common stock of each of Alumis and ACELYRIN; (xiv) the implementation of each of Alumis’ and ACELYRIN’s business model and strategic plans for product candidates and pipeline, and challenges inherent in developing, commercializing, manufacturing, launching, marketing and selling potential existing and new products and product candidates; (xv) the scope, progress, results and costs of developing Alumis’ and ACELYRIN’s product candidates and any future product candidates, including conducting preclinical studies and clinical trials, and otherwise related to the research and development of Alumis’ and ACELYRIN’s pipeline; (xvi) the timing and costs involved in obtaining and maintaining regulatory approval for Alumis’ and ACELYRIN’s current or future product candidates, and any related restrictions, limitations and/or warnings in the label of any approved product; (xvii) the market for, adoption (including rate and degree of market acceptance) and pricing and reimbursement of Alumis’ and ACELYRIN’s product candidates, if approved, and their respective abilities to compete with therapies and procedures that are rapidly growing and evolving; (xviii) uncertainties in contractual relationships, including collaborations, partnerships, licensing or other arrangements and the performance of third-party suppliers and manufacturers; (xix) the ability of each of Alumis and ACELYRIN to establish and maintain intellectual property protection for products or avoid or defend claims of infringement; (xx) Alumis’ ability to successfully integrate ACELYRIN’s operations and personnel; and (xxi) potential delays in initiating, enrolling or completing preclinical studies and clinical trials.
These risks, as well as other risks related to the proposed transaction, will be described in the registration statement and the joint proxy statement/prospectus that will be filed with the SEC in connection with the proposed transaction. While the list of factors presented here and the list of factors to be presented in the registration statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to Alumis’ and ACELYRIN’s respective periodic reports and other filings with the SEC, including the risk factors identified in Alumis’ and ACELYRIN’s most recent Quarterly Reports on Form 10-Q and/or Annual Reports on Form 10-K. The risks and uncertainties described above and in the SEC filings cited above are not exclusive and further information concerning Alumis and ACELYRIN and their respective businesses, including factors that potentially could materially affect their respective businesses, financial conditions or operating results, may emerge from time to time. Readers are urged to consider these factors carefully in evaluating these forward-looking statements, and not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Readers should also carefully review the risk factors described in other documents Alumis and ACELYRIN file from time to time with the SEC.
The forward-looking statements included in this communication are made only as of the date hereof. ACELYRIN assumes no obligation and does not intend to update these forward-looking statements, even if new information becomes available in the future, except as required by law.
Additional Information and Where to Find It
In connection with the proposed transaction, Alumis intends to file with the SEC the registration statement, which will include the joint proxy statement/prospectus. After the registration statement has been declared effective by the SEC, the joint proxy statement/prospectus will be delivered to stockholders of Alumis and ACELYRIN. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SECURITY HOLDERS OF ALUMIS AND ACELYRIN ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE MERGER THAT WILL BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain copies of the joint proxy statement/prospectus (when available) and other documents filed by Alumis and ACELYRIN with the SEC, without charge, through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Alumis will be available free of charge under the SEC Filings heading of the Investor Relations section of Alumis’ website at https://investors.alumis.com/. Copies of the documents filed with the SEC by ACELYRIN will be available free of charge under the Financials & Filings heading of the Investor Relations section of ACELYRIN’s website at https://investors.acelyrin.com/.
Participants in the Solicitation
Alumis and ACELYRIN and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about Alumis’ directors and executive officers is set forth in Alumis’ registration statement on Form S-1/A (File No. 333-280068), which was filed with the SEC on June 24, 2024. Information about ACELYRIN’s directors and executive officers is set forth in the proxy statement for ACELYRIN’s 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 22, 2024, and ACELYRIN’s Current Reports on Form 8-K filed with the SEC on May 28, 2024, August 13, 2024 and December 10, 2024. Stockholders may obtain additional information regarding the interests of such participants by reading the registration statement and the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Contacts
Investor Relations and Media
Tyler Marciniak
Vice President of Investor Relations and Corporate Operations
tyler.marciniak@acelyrin.com
FAQ
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