Acelyrin tops its $250M crossover with new $300M cash raise from blue-chip syndicate

2022-09-13

IPO

Shao-Lee Lin and her LA-based team at Acelyrin are back — and bringing its largest financing haul yet.

The biotech reported a $300 million Series C round Tuesday morning, sending the company over the half-billion dollar mark in venture financing since it was founded more than two years ago. The goal, according to the biotech, is to push forward Phase III development of so-far sole candidate izokibep — in psoriatic arthritis and axial spondyloarthritis — through BLA submission.

On top of that, the biotech wants to continue the development of the candidate into other indications such as uveitis and skin condition hidradenitis suppurativa, where small, painful lumps form under the skin.

Beyond product development, the company is looking at keeping up an aggressive BD routine and pursuing an expansion of its portfolio “through high-value business development opportunities,” Acelyrin said. Deals are a part of Acelyrin’s business model, with Lin telling Endpoints News last year that the hope is the company can use its network and track records to partner up with others skilled in the early-stage drug R&D space, and accelerate pivotal studies.

Fast forward to today, as the chief executive told Endpoints Tuesday morning that while deals to partner on early-stage candidates are still a major part of Acelyrin at this stage, the current model is not the ultimate goal. As Lin put it, the ultimate goal is a fully-integrated R&D unit, as well as commercialization.

Acelyrin, currently at 40 employees, will also be using some of the funds to expand its headcount, as well as its brick-and-mortar presence.

This financing round comes just under a year after raising a massive $250 million Series B, giving it enough cash to in-license the candidate, an IL-17 inhibitor IL-17 inhibitor, from Swedish biotech Affibody.

In terms of an IPO — on the table after the Series B — that’s still an option, according to Lin. “As we move forward in the future with additional positive data, with additional portfolio expansion and assuming market conditions are supportable, we will now have the flexibility to determine the best timing for an IPO,” she said.

Backed by Sean Harper and Beth Seidenberg, an LA biotech scores a massive $250M crossover ahead of 2022 IPO

The company is headed by Lin, a Big Pharma vet who was Horizon Therapeutics’ first CSO and former R&D head after tenures at AbbVie, Gilead and Amgen. Joining her on that front was Bob Carey, Horizon’s former CBO and the second employee at Acelyrin.

The round was led by Access Biotechnology, a biotech-focused subsidiary of private industry group Access Industries. Access is currently headed by Liam Ratcliffe, the former SVP and development head of Pfizer’s neuroscience division.

Returning investors included Matrix capital management subsidiary AyurMaya, Westlake Village BioPartners, Cowen Healthcare Investments, Decheng Capital, Marshall Wace, OrbiMed, Samsara BioCapital, Surveyor Capital (a Citadel company), Tybourne Capital Management, and venBio Partners.

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