All articles tagged with #acelyrin
Stocks like Micron, Boeing, Acelyrin, PDD, ChargePoint, and Affirm are among the top movers in the stock market today, as Federal Reserve Gov. Christopher Waller's comments about slowing economic momentum contribute to optimism that the U.S. central bank has finished raising interest rates.
DuPont spinoff Corteva and 3M win an appeal in a class action lawsuit over "forever chemicals," while Zscaler shares fall due to rising costs. Boeing shares climb after an RBC upgrade, but Acelyrin shares plunge following an error in an arthritis drug trial. The S&P Case-Shiller Home Price Index is expected to show an increase in housing prices, while the Consumer Confidence Index is projected to decline.
Biotech company Acelyrin, which raised over $500 million in an IPO, experienced a setback as its investigational anti-inflammatory drug, izokibep, failed to meet the primary goal in a pivotal clinical trial for treating hidradenitis suppurativa. Patients who received izokibep did not show significant improvements compared to those on a placebo, causing Acelyrin's share price to drop over 60% in after-hours trading.
Biopharma company Acelyrin Inc. had a strong market debut on Nasdaq, with shares rising 28% and giving the company a market capitalization of $2.1 billion. The Los Angeles-based company raised $540 million by selling 30 million shares in an upsized offering. Acelyrin joins a spate of new listings recently that have fueled hopes of a recovery in IPO markets, including Johnson & Johnson's consumer health business Kenvue Inc.
Aerami Therapeutics CEO Lisa Yañez passed away in a car crash; Acelyrin's IPO raised $540 million; CDC will change the way it reports Covid-19 data once the federal health emergency ends next week; a worker died in an explosion at Seqens' manufacturing plant in Massachusetts; FDA is seeking comment on how best to deal with nitrosamine impurities in drugs; a National Academies of Sciences, Engineering, and Medicine committee is encouraging “decisive action” to address a long-running national shortage of research primates.
California-based drug developer Acelyrin has gone public in one of the largest biotech IPOs since 2021, raising $540m. However, industry insiders say the IPO is an "N of 1" as over 50 biotechs are still waiting for their moment on the markets. The biotech industry is facing macro challenges such as high-interest rates, a banking crisis, and the war in Ukraine, which are hampering the capital market.
Sanofi will pay $150 million upfront and future equity to acquire Maze Therapeutics' Pompe disease program, with the potential for an additional $600 million in biobucks. Astellas Pharma will acquire Iveric Bio for $5.9 billion in cash, while Acelyrin plans to raise $370 million in one of the biggest biotech IPOs in recent years. Ovid Therapeutics is partnering with Graviton Bioscience to develop multiple second-generation ROCK2 inhibitors, and Initial Therapeutics has launched with $75 million to develop protein-based drugs. Meanwhile, AbbVie has discontinued its mid-stage cystic fibrosis program, and an FDA advisory committee has voted against AstraZeneca and Merck's bid to expand the label for Lynparza.