Acelyrin (SLRN) and Alumis (ALMS) reaffirmed Tuesday their commitment to merge in an all-stock transaction, as Acelyrin said its board had determined that Concentra Biosciences' unsolicited indication of interest is "not reasonably expected to result in a superior proposal."
Acelyrin and Alumis said their combined company would have a pro forma cash position of about $737 million, which is expected to fund operating expenses and capital expenditure requirements into 2027.
Separately, Acelyrin said its board is confident that the Alumis deal would maximize long-term value for its stockholders.
The companies said they continue to expect their merger to close in Q2, subject to approval by the stockholders of both companies and other customary closing conditions.
Acelyrin shares were down more than 8% in recent trading while Alumis shares were up 0.4%.
Price: 2.46, Change: -0.23, Percent Change: -8.55
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