By Denny Jacob
Acelyrin said its board approved adopting a limited-duration shareholders' rights plan in response to Tang Capital Partners' accumulation of a stake in the company.
The late-stage biopharma said the plan will issue one right for each share of common stock as of the close of business on March 24. The rights will initially trade with its common stock, and will become exercisable only if any person acquires 10% or more of Acelyrin's outstanding common stock.
Acelyrin said Tang Capital held 8.8% of its outstanding common stock.
Tang Capital didn't immediately respond to a request for comment issued through LinkedIn.
Poison pills, also called shareholder-rights plans, are legal maneuvers that make it hard for shareholders to build their stakes beyond a set point by triggering an option for others to buy more shares at a discount.
Acelyrin in February received an unsolicited indication of interest from Concentra Biosciences, a portfolio company under Tang Capital Management, for an acquisition at $3 a share.
Concentra's all-cash proposal, which includes a right to receive 80% of proceeds from any out-license or disposition of Acelyrin's development programs or intellectual property, came after Acelyrin agreed earlier in the month to merge with Alumis in an all-stock deal that is expected to close in the second quarter.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
March 13, 2025 08:15 ET (12:15 GMT)
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