Acelyrin (NASDAQ:SLRN) introduced the pricing of its preliminary public providing. The late-stage biopharma firm priced its IPO of 30M shares at $18 per share, on the excessive finish of its proposed vary.
From the providing, the corporate plans to obtain gross proceeds of $540M, earlier than deducting underwriting reductions and commissions and different providing bills. SLRN has additionally granted underwriters a 30-day choice to buy an extra 4.5M.
The inventory is slated to start buying and selling on Might 5 below the ticker “SLRN”.
The dimensions of the deliberate IPO is additional upsized from an already elevated share rely. Earlier this week, SLRN had upsized its providing from $350M to $451M, with 26.5M shares deliberate at a worth between $16 and $18.
The biotech firm’s lead drug candidate, izokibep, is in Part 3 testing for the therapy of hidradenitis suppurativa, uveitis and psoriatic arthritis. A second drug, lonigutamab, is in Part 1 testing for thyroid eye illness.
Forward of the pricing, In search of Alpha contributor Donovan Jones praised the agency’s “sturdy capital assets from well-known life science institutional traders.” Nonetheless, Jones’ commentary got here earlier than the corporate elevated its share measurement (twice) and introduced its pricing.
“Given the agency’s Part 3 trial state of growth and prime administration, whereas trials are inherently dangerous and the enterprise worth of the corporate isn’t low cost, for all times science traders with a affected person funding time horizon, my outlook on the Acelyrin, Inc. IPO is a Purchase at as much as $17.00 per share,” the IPO-focused investor acknowledged.
