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Acelyrin Goes From Float To Sink

 
• By Elizabeth Cairns

A catastrophic late-stage clinical failure wipes 60% off the group’s value – and boosts a rival. 

Illustration of human skin cells.
• Source: Shutterstock

Acelyrin, Inc. was a rare success story in this year’s moribund biotech IPO market, raising $540m on the NASDAQ in May in the third-largest biotech flotation since 2018. Investors who piled in at the IPO price of $18 initially did nicely; the shares closed 11 September at $27.90. 

Key Takeaways
  • Phase IIb/III study of izokibep in the skin disease hidradenitis suppurativa has failed.

That changed overnight. After the market closed, the company slipped out a release conceding that its lead candidate izokibep had...

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