Acelyrin earlier this month agreed to an all-stock merger with fellow immune player Alumis, with their combined cash tiding the combined company over until 2027.
Tang Capital’s Concentra Biosciences is at it again, offering to acquire immunology specialist Acelyrin—potentially disrupting the biotech’s plans to merge with Alumis.
Acelyrin announced Concentra’s unsolicited offer early on Friday, disclosing that the Kevin Tang–controlled firm is willing to purchase all of its outstanding shares for $3 apiece. Concentra is adding on a contingent value right that would give Acelyrin 80% of the net proceeds from out-licensing deals or sale of its assets and intellectual properties.
Acelyrin stock was valued at $2.17 per share at Thursday close, rising to about $2.50 per share Friday morning.
Acelyrin did not explicitly accept or decline the offer on Friday. Instead, the biotech said that its leadership “is committed to acting in the best interest of stockholders,” adding that the company will provide additional information regarding its decision on the offer “in due course”—though no specific timeline was given.
Two weeks ago, Acelyrin announced it had entered into a definitive agreement to merge with fellow immune player Alumis. The all-stock arrangement would see Acelyrin fold into Alumis, creating a combined company with enough cash standing to last until 2027. Acelyrin’s stockholders would own 45% of the resulting entity, while the remaining 55% will belong to Alumis. If it pushes through, the partners expect to close the transaction in the second quarter of 2025.
In its press release announcing the Concentra offer on Friday, Acelyrin said that it will stay “consistent … to its obligations under the merger agreement with Alumis.”
Acelyrin finds itself in the middle of two suitors after essentially gutting its pipeline in December 2024, when it abandoned its lead asset, the IL-17A blocker izokibep. At the time, izokibep had failed a Phase IIb/III study in uveitis, an inflammatory condition of the eye, unable to significantly improve clinical response versus placebo. The drug candidate likewise failed its secondary outcomes, including visual function and best-corrected visual acuity.
Izokibep had also delivered a Phase IIb/III disappointment in September 2023, further underscoring Acelyrin’s decision to discontinue its development.
For Concentra, the Acelyrin offer isn’t the first time that it’s played third-party between a company and a prospective buyer. In September 2024, Concentra filed an unsolicited offer to acquire sequencing firm Singular Genomics System—days after Deerfield Management made a similar offer. Deerfield came out on top in December 2024.
In March 2023, Concentra also got in between Jounce Therapeutics and Redx Pharma, which had agreed to an all-stock merger deal weeks earlier. That time, Concentra won.
Concentra has a long history of going after struggling biotechs. In the past, it has made acquisition offers to LianBio, Kezar Life Sciences and Atea Pharmaceuticals.
